Nigerian entrepreneur Sim Shagaya has unveiled Myka, a digital insurance brokerage platform designed to widen access to insurance products for individuals and businesses across Nigeria, as the industry seeks to improve adoption among millions of uninsured citizens.
The new venture enters the market with support from prominent technology investors and founders, including Ventures Platform, TLcom Capital, Paystack co-founder Shola Akinlade, LemFi founder Ridwan Olalere, and Voltron Capital founder Olumide Soyombo. Although the size of the pre-seed investment was not disclosed, the backing signals growing investor confidence in Nigeria’s insurance technology sector.
Myka enables users to compare and purchase insurance products from multiple providers through a single platform. Available offerings include motor, health, travel, property, gadget and life insurance products sourced from several licensed underwriters operating in the country.
Brandspur Brand News reports that the launch comes at a time when Nigeria’s insurance industry is pushing for wider retail participation following recent reforms aimed at strengthening consumer protection, encouraging digitisation and improving market penetration.
Despite managing assets worth trillions of naira, Nigeria’s insurance sector continues to record relatively low consumer uptake compared to the size of the country’s population. Industry stakeholders have repeatedly identified trust concerns, limited distribution networks and low public awareness as major barriers to adoption.
To address these challenges, Myka combines digital onboarding with identity verification tools, automated policy management and claims support services. The platform also works with insurance providers through technology integrations that allow customers to access policy information and documentation more efficiently.
A key element of the company’s growth strategy is a referral-based distribution model inspired by the success of agency banking in Nigeria. Under the approach, professionals, community groups and small businesses can help introduce insurance products to people within their existing networks.
The initiative has already gained admission into the regulatory sandbox operated by the National Insurance Commission (NAICOM), allowing the company to test innovative insurance distribution methods under regulatory supervision.
Investors backing the startup believe the model could help unlock significant growth in a sector that remains largely underserved. By combining technology with community-based distribution channels, Myka aims to make insurance more accessible to millions of Nigerians who have traditionally remained outside the formal insurance market.
The company will generate revenue through commissions earned on policies sold through its platform and partner network, joining a growing list of insurance technology firms working to modernise insurance distribution and customer experience in Nigeria.
