Apply for the UNDP Nigeria Inclusive Insurance Innovation Challenge

The United Nations Development Programme (UNDP) Nigeria, in partnership with FSD Africa, is now accepting applications for the 2025 Inclusive Insurance Innovation Challenge. This nationwide competition is designed to accelerate the development of innovative insurance solutions that address the needs of financially underserved Nigerians. The Challenge provides a platform for startups and organizations to design, test, and scale inclusive insurance models that can improve financial resilience for low-income groups, women, farmers, and small businesses.

About the Challenge

The Inclusive Insurance Innovation Challenge is an initiative of the Insurance Innovation Challenge Fund (IICF), established under the Insurance and Risk Finance Facility (IRFF). It aims to support groundbreaking, affordable, and scalable insurance products in developing economies, particularly Nigeria.

UNDP Nigeria brings strong expertise in sustainable development, inclusive growth, and policy advocacy, with a focus on empowering vulnerable populations. Working alongside FSD Africa, the programme seeks to promote transformative insurance models that close protection gaps and extend access to financial safety nets for millions of Nigerians.

Who Can Apply

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

• Present a product, service, or idea targeting underserved populations, including low-income households, rural and peri-urban communities, women, smallholder farmers, and small businesses.
• Demonstrate a commercially viable business model or a clear pathway to sustainability.
• Integrate gender and social inclusion strategies, ensuring benefits for women, persons with disabilities, and marginalized groups.
• Show readiness to collaborate with insurers, regulators, and relevant stakeholders for practical rollout.
• Be duly registered with the Corporate Affairs Commission (CAC) and tax compliant under Nigerian law.

Benefits

Successful applicants will receive financial rewards and technical assistance to strengthen and expand their insurance solutions.

• Three winning proposals will each receive ₦30 million and technical assistance to refine, test, license, and bring their products to market.
• All shortlisted participants will be invited to a Bootcamp to enhance product design, business models, financial frameworks, and regulatory compliance.

Applicant Expectations

Applicants must submit a detailed proposal that includes:

• The target population, identified risks, and a clear explanation of the product or innovation.
• A defined revenue model and inclusion strategy (gender-responsive and accessible).
• Evidence or assumptions on distribution, underwriting, risk management, and claims handling.
• Clear indicators for measuring impact, affordability, and scalability.

Apply Now for the UNDP Nigeria Inclusive Insurance Innovation Challenge.
For more details, visit the Official Webpage of the UNDP Nigeria Inclusive Insurance Innovation Challenge.

Focus Areas
The Challenge focuses on developing innovative insurance solutions within the following thematic areas:

1. Climate Risk Insurance for Farmers – Solutions that help smallholder farmers manage climate-related risks such as droughts and floods, including parametric insurance models that protect crops, livestock, and agricultural livelihoods.
2. Health Insurance – Affordable and accessible health coverage tailored to rural and peri-urban populations, reducing out-of-pocket costs and improving household resilience.
3. MSME Resilience Insurance – Tailored products that help micro, small, and medium-sized enterprises (MSMEs) mitigate operational risks, recover from disruptions, and ensure long-term sustainability.
4. Gender Integration – Applicants are encouraged to adopt gender-responsive approaches that address protection gaps faced by women, ensuring equitable access, participation, and empowerment in insurance solutions.

Why You Should Apply

The Challenge provides more than funding—it offers mentorship, technical guidance, and access to strategic networks within the insurance, fintech, and development sectors. Participants gain visibility, partnership opportunities, and the support needed to transform innovative concepts into real-world solutions that strengthen resilience and financial inclusion across Nigeria.