MAIDS launches Nigeria’s first Blockchain Hybrid Insurance model
L-r: Wale Olabiyi, Managing Director/CEO, xstrata Consulting Ltd; Enitan Solarin, Managing Director, YOA Insurance Brokers Ltd; Geraldine Umeche, Divisional Managing Director, Mutual Aid Specialist (MAIDS); Adetola Adegbayi, Founder, Mutual Aid Specialist, and Olusola Solarin, Non-Executive Director, MAIDS, during the media launch of Mutual Aid Specialist (MAIDS), in Lagos on Monday
Abdullateef Fowewe
Mutual Aid Specialist (MAIDS) Micro-Insurance Limited has unveiled its groundbreaking Blockchain Hybrid Mutual Insurance (BLOHMI) model today, positioning itself as a leader in Nigeria’s evolving insurance landscape.
Speaking to journalists at the MAIDS office in Yaba, CEO Geraldine Ifeoma Umeche highlighted the transformative timing, noting the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
“The Nigerian insurance industry stands at transformative crossroads, particularly within the year that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 becomes definitive,” she said.
Umeche emphasised rising consumer demands for transparency, especially from digitally native younger generations seeking to reduce “the opacity of insurance to improve its trust quotient.”
The launch follows NAICOM’s approval in October 2025 for Nigeria’s first BLOHMI under a state micro-insurance license.
Umeche described it as more than a product update stressing, “It is a historic shift in how insurance is delivered, trusted, and scaled in our country.”
Targeting everyday Nigerians, MAIDS focuses on “bite size” policies akin to sachet consumer goods, dubbed FIXSAs (Fixed Sums Assureds) for quick, affordable coverage during emergencies like health issues, accidents, or business losses.
“This is more than a corporate event, it is a defining moment in our mission to reshape how insurance is perceived, accessed, and experienced in Nigeria,” Umeche added.
She stressed MAIDS’ community-driven approach noting, “At MAIDS, we are not just offering policies; our purpose is to make financial protection accessible, transparent and community driven thereby building resilience and financial inclusion for millions of Nigerians.”
Umeche further outlined the company’s vision, “Our Vision is to empower every Nigerian to build financial security and grow their wealth.”
She challenged traditional views, stating, “Insurance should not be seen as a compulsory or mandated purchase; it must be a protection for all.”
MAIDS aims to flip the script on uninsured risks, promising “Insurance that builds wealth” through innovation, partnerships, and blockchain for a new “BMI” – Blockchain Mutual Insurance.
Wrapping up, Umeche rallied stakeholders, “When people are protected, they are empowered. And when they are empowered, communities thrive.”
She thanked partners, clients, and her team, pledging to “democratise and liberalise insurance ownership” for broader impact.
The BLOHMI pilot under the state license signals a push toward financial inclusion, with MAIDS leveraging technology to make insurance a household essential rather than a distant concept.
