On October 12, 2021, Prudent Choice Microinsurance Limited achieved a significant milestone with the approval of its license by the National Insurance Commission (NAICOM) to operate as a State Microinsurance Company in Nigeria.

This achievement positions Prudent Choice as a trusted player in Nigeria’s microinsurance sector, dedicated to providing affordable, accessible, valuable and simplified insurance products for individuals, families, and small businesses in Edo State.

What the NAICOM License Means

The NAICOM approval authorizes Prudent Choice Microinsurance to:

• Deliver microinsurance solutions designed for low-income earners and underserved populations.
• Expand access to financial protection across Edo State.
• Strengthen economic resilience by providing financial compensation for unforeseen events including death, illness, accidents, and asset loss.

By operating as a State Microinsurance Company, Prudent Choice is committed to bridging the gap in Nigeria’s insurance penetration, ensuring that even those with limited resources can benefit from reliable insurance services.

Our Insurance Products

With this license, Prudent Choice has introduced innovative microinsurance products designed to meet the needs of everyday Nigerians:

• Micro Property Protection – Coverage for residential and commercial assets against unforeseen events.
• Casualty Mitigation Plan – Personal accident insurance for individuals, work place and households.
• Okada/Keke Protection – Affordable insurance for motorcycle and tricycle operators.
• Easy Savings for Tomorrow – A micro-savings plan that helps customers secure their future while staying protected.
• Micro Loan Protection Plan – Protecting borrowers and lenders by covering outstanding loans in the event of unforeseen circumstances like death and permanent disability
• Hospital Cash Benefit - Offers financial compensation to the insured individual who is hospitalized.

These products are tailored to promote financial security and peace of mind, especially for individuals and small businesses that are often excluded from traditional insurance services.

Commitment to Financial Inclusion

At Prudent Choice, our mission goes beyond offering insurance policies. We

• Simplify insurance processes for easy understanding and accessibility.
• Ensure prompt and transparent claims settlement.
• Design and develop innovative insurance products that reflect the socio-economic realities of our target market.

We strongly believe that insurance should not be a privilege for a few, but a necessity for everyone.

Looking Ahead

Securing the NAICOM license is not just a regulatory milestone—it is a responsibility. Prudent Choice is ready to deepen its impact by:

• Reaching more communities in Edo State.
• Educating the public on the benefits of microinsurance.
• Supporting Nigeria’s broader agenda of financial inclusion.

We are grateful to NAICOM for granting this license and to our customers who continue to trust us. With this approval, Prudent Choice reaffirms its commitment to protecting lives, businesses, and dreams—bringing peace to everyone.