BimaLab, Insurtech-focused accelerator programme launches in Nigeria
FSD Africa and Nigeria’s National Insurance Commission (NAICOM) have collaborated to launch BimaLab, an accelerator program designed to accelerate the development and adoption of digital insurance solutions.
BimaLab Nigeria’s mission is to fill gaps in the insurance market by educating, nurturing, and promoting innovators and insurtech startups. The program will draw on Kenya’s BimaLab I and II, as well as global best practices, with a focus on local experience.
Ten companies will be chosen to take part in the ten-week program, which will provide them with the expertise, resources, and support they need to develop and scale market-ready solutions that add social and/or commercial value to Nigeria’s insurance sector.
“We believe that this program will contribute to the development of a vibrant startup ecosystem in Nigeria by collaborating with corporate partners, investors, and research institutions to accelerate and scale innovation in the insurance industry.” “We successfully implemented the program in Kenya and are now launching it in Ghana,” said Kelvin Massingham, FSD Africa’s director of risk and resilience.
Commissioner for insurance and CEO of the National Insurance Commission (NAICOM), Thomas Olorundare Sunday, stated that innovation was a key driver of change in the financial sector, resulting in immeasurable efficiency and gains.
“Despite the fact that these changes are sometimes accompanied by uncertainty and hesitancy, there is evidence of great success.” “With such collaborations, I have no doubt that Nigeria will be a successful case study in insurance innovation across the continent,” he said.
Applications for BimaLab Nigeria are open here until February 23.
