The United Nations Development Programme (UNDP) Nigeria, in collaboration with FSD Africa, has officially launched the 2025 Inclusive Insurance Innovation Challenge (IIIC) — a groundbreaking initiative designed to empower Nigerian innovators, startups, and insurtechs to create sustainable insurance solutions for underserved and vulnerable populations.
This challenge, worth a total of ₦90 million in cash prizes, aims to accelerate innovation in Nigeria’s insurance ecosystem by discovering and supporting solutions that address the protection gap faced by low-income earners, smallholder farmers, women, and micro-entrepreneurs.
The Insurance Innovation Challenge Fund (IICF) — a flagship initiative of the Insurance and Risk Finance Facility (IRFF) — underpins this program. Its mission is to identify, test, and scale innovative insurance models that are affordable, accessible, and impactful in reducing vulnerability and promoting financial inclusion.
Through this challenge, UNDP Nigeria and FSD Africa seek to catalyze a new wave of inclusive insurance productsthat respond to the real risks people face from climate shocks to health emergencies and business disruptions.
Focus Areas
The 2025 Inclusive Insurance Innovation Challenge invites proposals that creatively address the following priority sectors:
1. Climate Risk Insurance for Farmers: Develop insurance solutions that help smallholder farmers manage risks related to climate change, such as floods, droughts, and extreme weather. Proposals may include parametric insurance products and models that safeguard agriculture, livestock, and rural livelihoods.
2. Health Insurance: Design affordable health coverage for low-income and peri-urban populations, focusing on reducing out-of-pocket healthcare expenses and enhancing household financial resilience.
3. MSME Resilience Insurance: Create tailored, sustainable insurance products that protect micro, small, and medium enterprises (MSMEs)from operational shocks, ensuring business continuity and long-term sustainability.
4. Gender Integration: All solutions are strongly encouraged to adopt a gender lens, incorporating inclusive models that address protection gaps faced by women and other marginalized groups. This focus ensures equitable participation and promotes women’s economic empowerment.
Benefits of the Competition
The Inclusive Insurance Innovation Challenge 2025 offers life-changing rewards for Nigeria’s brightest innovators and changemakers.
Here’s what’s in it for you:
- ₦90 Million Total Prize Pool: Three (3) winning proposals will each receive ₦30 million in grant funding to scale their innovative insurance solutions.
- Technical Assistance & Mentorship: Winners will gain intensive technical support to refine, test, license, and launch their products in the market.
- Bootcamp Participation: All shortlisted applicants will be invited to an Innovation Bootcamp to strengthen their product design, business model, financial strategy, and regulatory compliance.
- Visibility & Partnerships: Winners will receive high-level exposure through UNDP platforms and networking opportunities with industry regulators, insurers, investors, and policymakers.
- Inclusive Innovation Recognition: Gain recognition as one of Nigeria’s leading social innovators, contributing to financial inclusion and resiliencefor millions.
Name of Organizer
United Nations Development Programme (UNDP) Nigeria and FSD Africa
Requirements/ Eligibility Criteria
To qualify for the UNDP Nigeria Inclusive Insurance Innovation Challenge 2025, applicants must meet the following criteria:
1. Eligible Applicants: Nigerian innovators, startups, insurtechs, fintechs, insurance companies, and community-based organizations.
2. Product or Service Focus: Must offer or propose a product/idea serving low-income, rural, peri-urban, or underserved populations.
3. Business Model Viability: Must demonstrate commercial viability or a clear path to sustainability.
4. Gender & Inclusion Integration: Applicants should integrate a gender-responsive strategy that includes women, people with disabilities, and marginalized groups.
5. Collaborative Willingness: Must be open to partnerships with insurers, regulators, or ecosystem stakeholders.
6. Legal Status: Must be registered with the Corporate Affairs Commission (CAC) and tax compliant under Nigerian law.
7. Local Focus: Innovations must be designed for implementation within Nigeria, addressing local realities and opportunities.
Duration / Stipends
The competition will span several months, including:
- Application Phase: Open until October 30th, 2025
- Shortlisting & Bootcamp: November–December 2025
- Final Pitch & Awards: Early 2026
While there are no stipends for participation, the ₦30 million cash prize per winner represents an exceptional funding opportunity to transform your prototype into a market-ready solution. Additionally, mentorship, exposure, and technical support are provided at zero cost to all shortlisted innovators.
Deadline
30th October,2025.
Apply Now
Apply now for the 2025 UNDP Nigeria Inclusive Insurance Innovation Challenge! Win ₦30 million, receive mentorship, and scale your insurance solution for underserved Nigerians. Deadline: October 30th, 2025 — hurry before it ends!
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