Serial entrepreneur Sim Shagaya, known for pioneering ventures like Konga and uLesson, has unveiled his latest initiative: Myka, an insurance company designed to make coverage more accessible and tailored for Nigerians. With the country’s insurance penetration still below 1%, Myka aims to bridge a significant gap in financial protection for individuals and businesses.
Myka’s launch reflects Shagaya’s deep understanding of Nigeria’s tech-driven consumer market. The platform leverages digital tools to simplify the traditionally cumbersome insurance process. Through an intuitive mobile app and web interface, users can purchase, manage, and claim insurance policies without the long queues or paperwork commonly associated with insurance providers in Nigeria. The service also promises flexible payment options, including mobile money and card payments, catering to Nigeria’s largely mobile-first population.
The company is targeting a wide range of coverage, from health and life insurance to asset and travel protection. Myka plans to differentiate itself through a customer-centric approach, emphasizing transparency, affordability, and quick claim processing. By using data-driven underwriting and risk assessment models, the platform intends to offer personalized policies that reflect individual needs rather than one-size-fits-all products.
Shagaya’s track record as a tech entrepreneur positions Myka to tackle long-standing barriers in Nigeria’s insurance sector. “Insurance is often seen as inaccessible or complicated in Nigeria. With Myka, we want to change that perception and empower people to protect what matters most,” Shagaya said during the company’s launch announcement.
Experts note that digitization is key to increasing insurance adoption across Africa. Platforms like Myka, which combine technology with localized solutions, have the potential to expand coverage beyond the urban elite to underserved populations, unlocking financial security for millions.
As Myka begins operations, all eyes will be on its ability to deliver efficient, trustworthy insurance solutions in a market historically wary of the sector. By blending innovation, accessibility, and customer-first principles, Shagaya’s latest venture could redefine insurance in Nigeria, demonstrating how tech-driven approaches can solve traditional challenges in Africa’s financial services landscape.
Myka represents not just another startup launch—it marks a step toward modernizing Nigeria’s insurance ecosystem, making protection simpler, smarter, and more inclusive.
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