UNDP Nigeria Inclusive Insurance Innovation Challenge 2025: ₦90 Million Up for Nigerian Startups
This initiative aims to empower innovators, startups, insurers, and changemakers to create bold, scalable, and sustainable insurance products that enhance resilience against climate shocks, health crises, and business risks for Nigerians who are often left behind in traditional insurance systems.
About the Challenge
The Inclusive Insurance Innovation Challenge (IIIC) seeks to revolutionize the insurance landscape in Nigeria by bridging the protection gap for low-income communities, women, smallholder farmers, and micro and small enterprises.
Through this challenge, UNDP and FSD Africa are providing a platform for local innovators to test and scale solutions that will make insurance affordable, accessible, and inclusive — while building the foundation for a stronger, more resilient Nigerian economy.
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Focus Areas
Participants are invited to submit innovative solutions under the following priority areas:
- Climate Risk Insurance: Develop insurance products that protect smallholder farmers and rural communities against climate-induced disasters such as floods, droughts, and unpredictable weather patterns.
- Health Insurance: Create affordable and inclusive health coverage for rural and peri-urban populations, helping reduce the financial burden of out-of-pocket healthcare costs.
- MSME Resilience Insurance: Design sustainable insurance models that help micro, small, and medium enterprises (MSMEs) recover quickly from shocks and disruptions, ensuring business continuity.
- Gender Integration: Embed gender-responsive approaches to empower women entrepreneurs and close the insurance protection gap among female-led households and businesses.
Who Can Apply
The challenge is open to a wide range of innovative actors, including:
- Startups, innovators, insurtechs, and fintechs with a focus on inclusion.
- Registered insurance companies and community-based organizations developing or scaling insurance products.
- Businesses or social enterprises that have viable ideas targeting underserved populations.
- Collaborative partnerships between innovators, regulators, and insurance providers are highly encouraged.
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Eligibility Requirements:
- Must be registered with the Corporate Affairs Commission (CAC).
- Must be tax-compliant under Nigerian law.
Prizes and Support
The Inclusive Insurance Innovation Challenge offers both financial and technical support to help innovators bring their ideas to life:
- ₦30 million each for the top three winning proposals.
- Access to a technical assistance and mentorship program to refine, test, and scale their insurance solutions.
- Participation in an exclusive Bootcamp focused on product design, business modeling, and regulatory compliance.
Winners will retain full intellectual property (IP) rights to their innovations, while committing to ethical data use and responsible technology deployment.
Application Deadline: October 27, 2025
Why You Should Apply
This challenge is more than a competition — it’s a call to action. By joining, you’ll gain the opportunity to:
- Transform Nigeria’s insurance ecosystem with scalable innovation.
- Connect with industry experts, regulators, and investors.
- Access resources to refine your product and scale your business.
- Make a tangible impact on millions of Nigerians facing climate, health, and financial vulnerability.
