Sim Shagaya's Myka wants to do for insurance what agency banking did for fintech

For Sim Shagaya, the entrepreneur behind Konga, uLesson, and Miva Open University, the question of why so few Nigerians buy insurance has been a nagging one. With the country's insurance penetration numbers stubbornly low, over 70% of Nigerians have no form of insurance as of 2025, according to the Nigerian Council of Registered Insurance Brokers (NCRIB), Shagaya has been on a mission to find answers. His observations, however, have not aligned with the common explanation that Nigerians simply don't believe in insurance. Instead, he believes that the desire for protection is there, but what's been lacking is the distribution of structured protection products to people who haven't had it.

Myka, the digital broker launched by Shagaya, aims to do for insurance what agency banking did for fintech. By enabling consumers and businesses to purchase insurance products from multiple providers, Myka seeks to bridge the gap between the insurance industry's size and its reach. The numbers are staggering: Nigeria's insurance industry recorded an aggregate sum of over ₦4 trillion ($2.9 billion) in total assets in Q4 2025, according to data from the Insurance Market Performance report published by the National Insurance Commission (NAICOM). Yet, most insurance premiums come from large corporate customers who provide coverage as an employee benefit. This leaves retail adoption lagging far behind the market's scale.

So, what's behind this limited adoption? Low awareness, cost perception, limited distribution channels, and low trust in the industry have all been cited as challenges. But according to Shagaya, one thing that has caused issues in the industry has been a lack of trust. This trust deficit was reinforced by a prevalence of fake insurance policies and fragmented records across the industry. Nigerians have felt like they buy insurance, but when it's time to claim, it's cumbersome, it's hectic, it's difficult, and oftentimes they feel like they are treated unfairly. This is a problem that Myka hopes to address by providing a seamless claims payment process and a more transparent experience for customers.

Myka is backed by a strong team, including Ventures Platform, TLcom, Shola Akinlade, co-founder of Paystack; Ridwan Olalere, founder of LemFi; and Olumide Soyombo, founder of Voltron Capital, in an undisclosed pre-seed round. With insurance products spanning motor, gadget, property, health, life, and travel insurance, Myka is well-positioned to tackle the retail insurance market. However, the question remains: can Myka succeed where others have failed? The industry's history is littered with failed attempts to increase insurance penetration, and the road ahead will be tough. But if anyone can do it, it's Sim Shagaya, who has a proven track record of building successful businesses that solve access and distribution challenges.

Nigeria's insurance industry is a billion-dollar industry waiting to be tapped. With a population of over 200 million people, the potential for growth is vast. But for now, the industry's reach remains limited, and most insurance premiums come from large corporate customers. This is a problem that Myka hopes to address, and if it succeeds, it could be a turning point for the industry.

Myka's launch marks a new era for insurance in Nigeria. With its licenced digital broker platform, Myka is poised to revolutionize the way Nigerians buy and use insurance. By providing a seamless claims payment process and a more transparent experience for customers, Myka hopes to increase trust in the industry and drive adoption. The road ahead will be tough, but with a strong team and a proven track record, Myka is well-positioned to succeed.