- Prize Pool – ₦90,000,000
- Deadline – October 30, 2025
- CLICK HERE TO APPLY
The United Nations Development Programme (UNDP) Nigeria, in partnership with FSD Africa through the BimaLab Insurtech Accelerator, has launched the Inclusive Insurance Innovation Challenge 2025 — a ₦90 million innovation fund aimed at accelerating inclusive insurance solutions for Nigeria’s underserved populations.
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The initiative calls on innovators, startups, insurance providers, and changemakers to design bold, scalable insurance products that strengthen resilience against climate shocks, health crises, and business risks for vulnerable Nigerians.
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Challenge Focus Areas
The competition seeks ideas that make insurance affordable, accessible, and inclusive, particularly for low-income groups, small businesses, and women. Key areas include:
- Climate Risk Insurance: Develop products that protect smallholder farmers against floods, droughts, and other climate-related risks.
- Health Insurance: Create affordable health coverage for rural and peri-urban communities to reduce out-of-pocket healthcare expenses.
- MSME Resilience Insurance: Design sustainable insurance solutions that help small businesses withstand shocks and ensure business continuity.
- Gender Integration: Embed gender-responsive approaches that empower women and bridge protection gaps in insurance access.
Prizes and Support
- ₦30 million each for the top 3 winning proposals
- Access to a technical assistance program to refine, test, and scale solutions
- Participation in an exclusive Bootcamp to strengthen product design, business models, and regulatory readiness
Winners retain full intellectual property ownership of their innovations, with a commitment to ethical data use and responsible technology deployment.
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Eligibility:
Eligible applicants include:
- Startups, innovators, insurtechs, and fintechs
- Registered insurance companies or community-based organizations
- Entities with viable products or ideas targeting underserved populations
- Businesses willing to collaborate with regulators or insurers for rollout
Applicants must be registered with the CAC and tax-compliant under Nigerian law.
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