Sim Shagaya’s latest venture, Myka, aims to revolutionize the insurance sector by replicating the massive success of agency banking in the fintech
Does insurance works, why do we need insurance, so many Nigerian ask this question but few have no form of insurance with a population of more than 200 million people, over 70% of Nigerians as of 2025, according to the Nigerian Council of Registered Insurance Brokers (NCRIB).
Sim Shagayathe the entrepreneur who founded Konga, an e-commerce platform, and uLesson and Miva Open University created a new insurance company Myka to answer questions that Nigerian do not believe insurance.
Nigeria’s insurance industry grew to over ₦4 trillion ($2.9 billion) in total assets by the end of 2025, according to the regulator, NAICOM. Yet, despite having so much money, very few everyday people use insurance. Sim Shagaya pointed out that most insurance sales come from big companies buying cover for their workers, leaving ordinary Nigerians far behind.
Several major problems have blocked everyday Nigerians from buying insurance. People don’t know much about it, they think it costs too much, it is hard to find, and most importantly, they do not trust the companies.
“The biggest problem in the industry has been a lack of trust, mostly because getting paid after an accident or loss has been terrible,” Shagaya explained. “Nigerians feel that when it is time to make a claim, the process is too long, difficult, and unfair.” He added that this trust problem got worse because the market was filled with fake insurance policies and messy paperwork, making it hard for people to prove their coverage was real.
However, a new law called the Nigeria Insurance Industry Reform Act 2025 is changing things. This law forces the industry to focus on digital tools and everyday people. It aims to stop fake policies, make claims faster, and build a system that protects consumers. For Shagaya, these new rules create the perfect opportunity for his new company, Myka, to safely bring insurance to millions of Nigerians.
Myka has launched with early backing from big names like Ventures Platform and TLcom, alongside top African tech founders Shola Akinlade (Paystack), Ridwan Olalere (LemFi), and Olumide Soyombo (Voltron Capital). The new company is starting out by offering insurance for cars, electronics, property, health, life, and travel.
Myka’s solution starts with a smartphone app that lets users buy insurance and instantly receive their policy papers on WhatsApp.
The startup acts as a digital marketplace, gathering plans from 17 insurance companies (like Leadway, AIICO, and Cornerstone) so users can compare options. The insurance companies handle the financial risk, while Myka handles the app experience, customer signup, and support.
To prevent the paperwork errors that usually delay insurance payouts, Myka automatically verifies car and personal details using official government databases.
When something goes wrong, Myka doesn’t just hand out cash; it connects you to a network of repair shops. If your insured phone screen breaks, Myka sends you to an approved shop where it gets fixed for free, without you paying out of pocket. They use NIN verification, face scans, and AI to stop fraud and verify claims. Still, Shagaya says this app is only the beginning of what Myka wants to achieve.
In the end, Myka’s success depends on whether Shagaya is right about why Nigerians avoid insurance. If his idea works, it could change everything. It would mean millions of people who have never bought insurance before will finally start using it, simply because it now matches how they already make decisions in their daily lives.
