Mutual Aid Specialist Micro-Insurance Limited (MAIDS) has launched its groundbreaking operations in Nigeria, introducing the country’s first Blockchain Hybrid Mutual Insurance (BLOHMI) model. This innovative approach is set to revolutionise the trust dynamics of the Nigerian financial sector, particularly within the insurance industry. The launch took place at MAIDS’ headquarters in Lagos and marks a crucial step forward following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The company aims to utilise blockchain technology to tackle the historical lack of transparency in insurance, thereby enhancing consumer confidence.
MAIDS’ Divisional Managing Director, Geraldine Umeche, underscored the significance of the launch, noting that it comes at a transformative juncture for the insurance industry. As the NIIRA 2025 becomes definitive, the company seeks to “flip the script” on uninsured risks by offering insurance products designed to build wealth and empower individuals. Umeche explained that the BLOHMI model was developed specifically to cater to Nigeria’s digitally savvy younger generation, which prioritises transparency and real-time verification.
A key feature of MAIDS’ new model is its focus on accessibility. The company is introducing Fixed Sums Assured, affordable “bite-sized” insurance products that are modelled on the sachet-style packaging of consumer goods. These policies are designed to provide everyday Nigerians, particularly those in the informal sector and low-income brackets, with much-needed protection against health emergencies, accidents, and sudden business losses. This approach seeks to shift the perception of insurance from a hindrance to a household essential.
Speaking at the unveiling, Umeche highlighted the firm’s greater purpose: not just offering insurance policies, but also making financial protection accessible, transparent, and community-driven. This, she explained, is aimed at building resilience and promoting financial inclusion for millions of Nigerians. She also thanked the National Insurance Commission and other technical partners for their support during the pilot phase of the model.
The NIIRA 2025, signed into law in August 2025, represents the most significant overhaul of the insurance sector in two decades. It replaces the outdated 2003 Insurance Act with several new mandates, including the significant increase of minimum capital requirements for insurers-from N3 billion to N15 billion for non-life insurers. This move is intended to ensure that insurance firms are financially robust enough to meet their claims obligations. The Act also mandates the digitalisation of services, requiring insurers to make their products accessible through mobile devices.
MAIDS’ Blockchain Hybrid Mutual Insurance model serves as a bridge between traditional mutual insurance, where policyholders share ownership, and the principles of decentralised finance. By combining these elements with blockchain technology, the company aims to provide a transparent and trustworthy insurance solution that appeals to a wide range of consumers.
Looking ahead, the successful implementation of this innovative model could signal a new era of trust and confidence in Nigeria’s insurance sector. By addressing longstanding issues of opacity and accessibility, MAIDS is positioned to pave the way for wider financial inclusion and resilience, ultimately empowering individuals and communities across the country. The launch unfolds as a critical moment, not only for MAIDS but for the broader Nigerian insurance industry, as it embraces a future shaped by transparency, innovation, and accessibility.
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