Nigerian entrepreneur Sim Shagaya has launched Myka, a digital insurance brokerage platform designed to expand access to insurance products and address the country’s persistently low insurance penetration. The startup enters a market where more than 70 per cent of Nigerians remain uninsured despite growing awareness of the need for financial protection.
Shagaya argued that the challenge is not a lack of interest in insurance but limited access to trusted and convenient products. Backed by investors including Ventures Platform, Shola Akinlade of Paystack, Ridwan Olalere of LemFi and Olumide Soyombo of Voltron Capital, Myka enables consumers and businesses to purchase motor, health, life, property, gadget and travel insurance from multiple providers through a single platform.
The startup aggregates products from up to 17 insurance underwriters and uses digital tools such as identity verification, biometric checks and artificial intelligence to simplify onboarding and claims processing. Myka also plans to reduce friction in claims settlement through repair networks that connect policyholders directly with approved service providers for vehicle and gadget repairs.
Beyond its mobile app, the company is pursuing a distribution strategy modelled after agency banking by enabling trusted individuals and businesses to recommend and sell insurance products within their communities. Shagaya believes this approach, combined with ongoing industry reforms and increased digitisation, could help bring insurance services to millions of Nigerians who have traditionally been excluded from the market.