Sim Shagaya’s Myka Wants to Do for Insurance What Agency Banking Did for Fintech

Why It Matters

Myka could dramatically expand retail insurance access in Nigeria, boosting financial inclusion and creating a new growth engine for the $2.9 bn market. Its agent‑like distribution model may set a template for other emerging markets facing similar trust and channel gaps.

Key Takeaways

• Myka aggregates policies from 17 Nigerian insurers via API.
• Pre‑seed backed by Ventures Platform, TLcom, Paystack co‑founder.
• Referral program entered NAICOM sandbox to test community distribution.
• Claims handled through repair networks, reducing friction for customers.
• Nigeria’s insurance assets total $2.9 bn, but retail penetration under 30%.

Pulse Analysis

Nigeria’s insurance sector, valued at roughly $2.9 billion in assets, has long been dominated by corporate‑driven policies, leaving the vast majority of consumers uninsured. Low awareness, distrust in claims settlements, and a fragmented distribution network have kept retail penetration below 30%. Recent reforms under the 2025 Insurance Industry Reform Act have mandated digitisation and stronger consumer protections, creating a regulatory window for innovators to address these structural gaps.

Myka leverages this window by acting as a digital broker that connects users to a curated catalog of motor, health, life, gadget and travel policies through a mobile app and WhatsApp delivery. By integrating with insurers via APIs, the platform reduces paperwork errors and streamlines onboarding. Its claim‑handling model—pairing policyholders with vetted repair networks—aims to eliminate the traditional friction of claim payouts, a key pain point that has eroded trust in the market.

The startup’s most distinctive feature is the Structured Customer Referral Program, now operating in NAICOM’s sandbox. Inspired by agency banking, the program empowers local agents such as car dealers, pharmacists and travel agents to sell insurance at the point of purchase, embedding coverage into everyday transactions. If successful, Myka could catalyse a shift toward mass‑market insurance adoption, driving new revenue streams for insurers and contributing to broader economic resilience in Nigeria and similar emerging economies.