UNDP Nigeria Inclusive Insurance Innovation Challenge 2025 for Nigerian Innovators and Startups (₦90 Million Cash Prize)

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Application Deadline: October 30, 2025

The United Nations Development Programme (UNDP) Nigeria, in collaboration with FSD Africa, has launched the Inclusive Insurance Innovation Challenge 2025 — a groundbreaking initiative designed to boost financial inclusion through innovative insurance solutions. With a total of ₦90 million in cash prizes, this challenge seeks to identify, support, and scale solutions that meet the insurance needs of Nigeria’s financially underserved communities.

About the Inclusive Insurance Innovation Challenge

The Insurance Innovation Challenge Fund (IICF) is an initiative under UNDP’s Insurance and Risk Finance Facility (IRFF). It aims to discover and promote scalable insurance models that protect low-income individuals, small businesses, and vulnerable groups from economic shocks.

Through this challenge, UNDP Nigeria hopes to drive the development of inclusive, accessible, and affordable insurance products that foster resilience, especially in rural and peri-urban areas.

Key Focus Areas

Participants are encouraged to design solutions in the following categories:

1. Climate Risk Insurance for Farmers

Develop innovative insurance models that help smallholder farmers manage climate risks such as floods, droughts, and unpredictable weather patterns. Solutions may include parametric insurance for crops, livestock, and other agricultural assets.

2. Health Insurance

Create affordable and accessible health insurance solutions tailored to low-income and rural communities. The goal is to reduce out-of-pocket expenses and enhance families’ financial security during medical emergencies.

3. MSME Resilience Insurance

Build customized insurance products for micro, small, and medium-sized enterprises (MSMEs) to safeguard against operational disruptions and promote business sustainability.

4. Gender Integration

Solutions must be gender-responsive, addressing protection gaps faced by women and ensuring equal access and participation. Applicants are encouraged to integrate women’s empowerment strategies and design inclusive financial models.

Who Can Apply

The Challenge is open to innovators, startups, insurtechs, fintechs, insurance companies, and community-based organizations that meet the following criteria:

  • Offer a product, service, or idea targeting low-income or underserved populations.
  • Have a viable business model or a clear path to commercial viability.
  • Demonstrate capacity or intent to integrate gender and social inclusion in their product design.
  • Show readiness to collaborate with insurers, regulators, or other industry stakeholders.
  • Are legally registered with the Corporate Affairs Commission (CAC) and compliant with Nigerian tax regulations.

Benefits of Participation

  • ₦90 million total cash prize: Three winning teams will receive ₦30 million each.
  • Winners will also receive technical assistance to refine, test, and launch their products.
  • All shortlisted applicants will attend a capacity-building bootcamp focused on product design, financial modeling, and regulatory readiness.

Application Expectations

Applicants should submit a well-developed proposal detailing:

  • Target population and risk exposure.
  • The innovation or product being proposed.
  • Business and revenue model.
  • Inclusion strategy (with a focus on gender and accessibility).
  • Impact and scalability plan.
  • Evidence of risk management and claims-handling processes.

Why This Challenge Matters

Nigeria’s insurance penetration remains below 1%, leaving millions of citizens exposed to financial shocks. The UNDP Inclusive Insurance Innovation Challenge provides a rare opportunity to close this gap by supporting bold ideas that make insurance affordable, inclusive, and impactful.

Innovators who participate not only stand a chance to win funding but also gain valuable mentorship and exposure to industry experts and investors committed to transforming the insurance landscape in Africa.

For more information and submission guidelines, CLICK HERE

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