GOXI Microinsurance

What GOXI Microinsurance does

GOXI Microinsurance Company Limited is Nigeria's first licensed stand-alone microinsurance company, founded in 2017 and headquartered at 107 Obafemi Awolowo Way, Ikeja, Lagos. The company operates as a composite microinsurance provider under a National Insurance Commission of Nigeria (NAICOM) license that permits it to offer both Life and Non-Life microinsurance products. It is part of the Gobeth Group alongside Lapo Microfinance Ltd, and targets low-income individuals, households, micro and small-scale businesses, cooperative societies, Micro Finance Bank (MFB) borrowers, agricultural enterprises, and tricycle/okada operators across Nigeria.

GOXI distributes five core products through a multi-channel network: Goxi Co-operative Welfare (hospital cash, death, permanent disability for groups), Goxi Ma-Business (fire, burglary, loss of rent for traders, barbers, tailors), Goxi MicroLoan Protection (loan repayment coverage for MFB borrowers), Goxi AgroLoan Protection (crop, livestock, fishing, poultry, warehousing risk), and Goxi Tricycle/Okada Protection (rider, vehicle, third-party liability coverage). The technology layer is a web-based platform used for product information, claims reporting, and customer communication, with data hosted on local servers and cloud backup. Claims are committed to settle within 48 hours of full documentation, supported by 24/7 customer service.

The business model relies on insurance premium revenue collected weekly or monthly (subscription-style) plus one-time premium payments, particularly for bundled tricycle/okada purchases. Distribution combines direct sales agents, MFB and lending institution partnerships (notably Lapo Microfinance), cooperative and association channels, third-party platforms, and manufacturer bundling. No app, public API, AI/ML capabilities, or disclosed funding rounds are present in the data.

Name

GOXI Microinsurance

Legal name

GOXI Microinsurance Company Limited

Website

https://goximicroinsurance.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

GOXI Microinsurance Company Limited is Nigeria's first NAICOM-licensed stand-alone composite microinsurance company, offering affordable Life and Non-Life products for low-income individuals, micro/small businesses, cooperatives, MFB borrowers, and tricycle/okada operators via direct sales and partner channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premium Revenue: GOXI collects insurance premiums from policyholders on a weekly or monthly basis (as premium payments). Premium amounts are paid by customers to obtain coverage for various microinsurance products including welfare, business protection, loan protection, and tricycle/okada coverage.
2. One-time Premium Payments: Customers can pay premiums through one-time payments for specific coverage periods, particularly for products like tricycle/okada insurance which may be bundled with purchases.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

GOXI Microinsurance is a composite microinsurance company licensed by NAICOM that designs and sells low-cost insurance products (Life and Non-Life) to low-income individuals, micro and small businesses, cooperatives, and borrowers of Micro Finance Banks in Nigeria. Its five core products — Co-operative Welfare, Ma-Business, MicroLoan Protection, AgroLoan Protection, and Tricycle/Okada Protection — are delivered through direct sales agents and institutional partners, with premiums collected weekly, monthly, or as one-time payments and claims supported by a 48-hour settlement promise and 24/7 call center.

Product overview

GOXI Microinsurance is a composite microinsurance company offering a portfolio of five core insurance products designed for low-income individuals, micro and small businesses, and cooperatives in Nigeria. The product lineup includes: Goxi Co-operative Welfare (group coverage for unions, associations, and households), Goxi Ma-Business (protection for micro/small business owners against fire and burglary), Goxi MicroLoan Protection (loan repayment coverage for MFB customers), Goxi AgroLoan Protection (agricultural business risk coverage for farmers), and Goxi Tricycle/Okada Protection (coverage for tricycle and okada riders and their businesses). These products are offered as individual standalone offerings that can be purchased through sales agents, third-party platforms, or bundled with credit institutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Goxi Co-operative Welfare A customized insurance welfare product for cooperative societies, associations, clubs, and lending institutions. It is structured as a group-based protection plan providing coverage to members of the cooperative under one consolidated scheme.
• Goxi Ma-Business A customized protection plan designed specifically for micro and small business owners. It addresses the specific insurance needs of operators of micro-enterprises such as market traders, barbers, tailors, food vendors, and similar informal-sector entrepreneurs.
• Goxi MicroLoan Protection A loan protection insurance product offered in partnership with Micro Finance Bank (MFB) lending institutions. It covers the lives and livelihoods of MFB customers who have taken microloans, providing risk protection against borrower default arising from death, disability, or other covered events.
• Goxi AgroLoan Protection An agricultural-sector loan protection insurance product offered in partnership with Micro Finance Banks to agro-processors, commodity buyers and aggregators, and smallholder farmers who take agro-related loans.
• Goxi Tricycle/Okada Protection A protection product for the commercial transportation segment, designed for tricycle and okada (motorcycle taxi) owners/operators. It is distributed in partnership with tricycle and okada manufacturers and dealers, providing accident and livelihood protection for commercial two/three-wheeler transport operators.

Quantifiable outcome

• Claims settled within 48 hours of full documentation

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Lapo Microfinance LtdcoreChannel Partner/ Reseller/ DistributorLapo Microfinance Ltd is a key marketing and distribution partner. GOXI shares customer data with Lapo Microfinance for processing coverage and may offer joint products or services. GOXI is part of the Gobeth group which includes Lapo Microfinance Ltd.
• Benin MedicalminorGTM or Marketing PartnerBenin Medical is a marketing partner that may offer products or services to GOXI customers.
• Life Action Plus LtdminorGTM or Marketing PartnerLife Action Plus Ltd is a marketing partner in GOXI's network offering products or services to customers.
• TDSminorGTM or Marketing PartnerTDS is a marketing partner offering products or services to GOXI customers.
• Orange Insurance Brokers LtdminorChannel Partner/ Reseller/ DistributorOrange Insurance Brokers Ltd is an insurance broker partner in GOXI's distribution network.
• Microinsurance NetworkminorOthersGOXI is a member of the Microinsurance Network, an industry association for microinsurance providers.
• Nigerian Insurers Association (NIA)minorOthersGOXI is a member of the Nigerian Insurers Association (NIA), the industry body for insurance companies in Nigeria.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• AXA Mansard Insurance: AXA Mansard is a large Nigerian composite insurer offering life and general insurance including microinsurance-adjacent SME and personal lines, competing with GOXI on Nigerian distribution while serving a broader customer base.
• Leadway Assurance: Leadway is a major Nigerian composite insurer with life and non-life products including SME-focused covers, comparable to GOXI's business and welfare offerings but with a much wider portfolio and customer base.
• AIICO Insurance Plc: AIICO is a long-established Nigerian composite insurer offering life and general insurance products, an incumbent competitor to GOXI in the broader Nigerian insurance market, particularly in life and welfare segments.
• Hollard Insurance Nigeria (Great Nigeria Insurance): Hollard Nigeria is part of South Africa's Hollard Group, offering life and general insurance with a growing focus on emerging-customer segments, directly comparable to GOXI's low-income retail and SME microinsurance focus.
• Coronation Insurance (formerly Wapic): Coronation is a Nigerian composite insurer offering life and non-life products with growing digital and SME distribution, broadly comparable to GOXI's microinsurance product set though serving a more mainstream customer.

Direct peers

• MicroEnsure (now part of MicroCare): Microcare/MicroEnsure is a global microinsurance specialist offering life and non-life covers to low-income customers across Africa and Asia, a direct peer to GOXI's low-income, multi-line microinsurance model.
• aYo Nigeria (MTN / MMI Holdings JV): aYo is a Nigerian microinsurance provider offering hospital cash, life, and device cover distributed through MTN's mobile platform, competing head-on with GOXI for low-income Nigerian customers via digital channels.
• BIMA (Milvik): BIMA operates mobile-based microinsurance and health products across emerging markets including Nigeria, distributing via telco partnerships to low-income customers — directly comparable to GOXI's low-income, mobile-friendly microinsurance model.

Others

• MicroFinance Network / Opportunity International Microinsurance: Opportunity International and similar microfinance-linked insurers bundle insurance with MFB loans in emerging markets, directly comparable to GOXI's MFB-channel MicroLoan and AgroLoan Protection model.

Regional players

• Reliance General Insurance / Jio Insurance Broking (India): Reliance General and Jio Insurance distribute microinsurance-like covers at massive scale to low-income Indian customers via digital and partner channels, a regional peer illustrating a comparable low-income insurance distribution model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/GoxiMicroinsuranceNigeria
• LinkedInlinkedin.com/company/goxi-microinsurance

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GOXI Microinsurance