Deadline: October 30, 2025
Applications are open for the UNDP x FSD Africa Inclusive Insurance Innovation Challenge Nigeria 2025. UNDP Nigeria and FSD Africa are collaborating to launch the Inclusive Insurance Innovation Challenge aimed at accelerating the development of insurance solutions that address the unique needs of financially underserved populations in Nigeria.
UNDP Nigeria brings deep-rooted expertise in sustainable development, policy advocacy, and inclusive growth, with a strong mandate to strengthen resilience among vulnerable communities. The Insurance Innovation Challenge Fund (IICF) is an Insurance and Risk Finance Facility (IRFF) initiative that promotes innovative insurance solutions in developing countries including Nigeria. This innovative tool will be used to surface innovative insurance models and solutions that are accessible, affordable and scalable.
Objectives
The overarching objective of this challenge is to increase the pool of viable and innovative microinsurance insurance solutions available to underserved populations, consequently respondents are required to integrate gender-responsive and inclusive strategies in their proposals. This will also stimulate the development of inclusive and innovative insurance solutions that enhance financial resilience, particularly for financially underserved populations and livelihoods to withstand shocks across from climate, health and agricultural risks.
Focus Areas
- Climate Risk Insurance for Farmers: Innovative insurance solutions that help smallholder farmers manage risks associated with climate change, such as floods and droughts, including parametric products to safeguard crops, livestock, and agricultural livelihoods.
- Health Insurance: Affordable and accessible health coverage tailored to underserved rural and peri-urban populations, reducing out-of-pocket medical expenses and enhancing household resilience.
- MSME Resilience Insurance: Tailored and sustainable insurance products designed for micro, small, and medium-sized enterprises, enabling them to better manage operational shocks and strengthen long-term business continuity.
- Gender Integration: All solutions and applications are highly encouraged to adopt a gender lens by including models that intentionally address the protection gaps faced by women, ensuring equitable access, participation, and benefits, while also promoting their empowerment and economic resilience.
Benefits
- 3 winning proposals will receive a cash prize of N30m each and intensive technical assistance to refine, test, license, and bring your product to market.
- All shortlisted innovators will be invited to a Bootcamp to sharpen their product design, business model, financials, and regulatory readiness.
Eligibility
Innovators, startups, insurtech, fintech, insurance companies or community‑based organizations with:
- A product/service/idea that serves underserved populations (low‑income, rural/peri‑urban, women, small farmers, small businesses)
- A business model that is commercially viable or with a clear path to viability
- A capacity or a plan to integrate gender and inclusion into the product (women, persons with disability, marginalized groups)
- Willingness to partner with insurers, regulators, or other stakeholders in the insurance sector for practical rollout
- Duly registered status with CAC and tax compliant under the Nigerian law.
Application
Complete this online application form with attachments (product description, business plan, financial projections) and submit your application and detailed proposal by 27 October 2025. Upload your documents between the 28 and 30 of October 2025.
For more information, visit UNDP.
