Sim Shagaya launches Myka to solve Nigeria's insurance distribution crisis

Sim Shagaya (Konga founder) launched Myka, a digital insurance broker addressing Nigeria's critical gap: 70% of 200M+ Nigerians have no insurance, despite ₦4 trillion ($2.9B) industry assets mostly serving corporate clients. The platform aggregates products from 17 underwriters including AIICO, Cornerstone, Leadway, and Rex, allowing comparison across motor, gadget, property, health, life and insurance categories through WhatsApp-based policy delivery.

Myka tackles insurance adoption barriers through dual approach: digital app reducing documentation errors via NIN verification and biometric checks, plus innovative "agency banking for insurance" model. Trusted community members—pharmacists, travel agents, local associations—can distribute insurance products within their networks, with referral program approved in NAICOM's regulatory sandbox. Claims are streamlined by connecting policyholders directly with approved repair/service centers.

Backed by Ventures Platform, TLcom, Paystack's Shola Akinlade, LemFi's Ridwan Olalere, and Voltron Capital's Olumide Soyombo in undisclosed pre-seed funding, Myka generates revenue through commissions while joining Nigeria's growing insurtech field (Curacel, Casava, PaddyCover). With Nigeria's insurance industry reforms creating favorable conditions, Myka's success hinges on whether distribution—rather than consumer distrust—is the true barrier to mass insurance adoption in Africa's most populous nation.

SOURCE: https://techcabal.com/2026/06/09/myka-wants-to-do-for-insurance-what-agency-banking-did-for-fintech/