Sim Shagaya’s Myka wants to do for insurance what agency banking did for fintech
- Over 70% of Nigerians are uninsured as of 2025, according to the NCRIB.
- Sim Shagaya launched Myka, a digital broker that allows consumers to purchase insurance from multiple providers.
- The Nigerian insurance industry recorded over ₦4 trillion ($2.9 billion) in total assets in Q4 2025.
The launch of Myka represents a significant step towards addressing the distribution challenges in Nigeria's insurance market. By leveraging technology and community-based referral programs, Myka could potentially transform how insurance is perceived and adopted in Nigeria. However, the success of this initiative will depend on building trust and ensuring a seamless claims process for consumers.
