Addressing the Protection Gap with Digital Innovation

Nigeria’s insurance market presents a paradox: while representing a ₦4 trillion ($2.9 billion) industry, penetration remains strikingly low, with over 70% of the population uninsured as of 2025. This disconnect has prompted entrepreneur Sim Shagaya—founder of Konga and uLesson—to launch Myka, a digital insurance broker seeking to replicate agency banking’s success in fintech.

The Problem: Access & Trust Deficit

Shagaya observed that Nigerians generally understand the need for protection but lack access to structured products. Traditional distribution channels haven’t reached potential customers effectively, while low awareness and cost perceptions further limit adoption. Compounding these issues is a trust deficit stemming from cumbersome claims processes and concerns about policy authenticity.

Myka’s Solution: Seamless Digital Experience

Myka addresses this by offering:

• A consumer app for purchasing insurance across multiple categories
• Instant policy delivery via WhatsApp
• Aggregation of products from 17 underwriters (including AIICO, emPLE, and Leadway)
• Integrated repair networks for motor & gadget claims

The platform uses technology to verify information, prevent fraud, and streamline the entire customer journey—from purchase to claim settlement.

Regulatory Tailwinds

Recent industry reforms through the Nigeria Insurance Industry Reform Act 2025 prioritize retail insurance and digitization, creating a favorable environment for Myka’s approach. These changes aim to expand access, strengthen consumer protections, and modernize claims processes.