Myka

About Myka

Myka Ecosystems Limited is a digital insurance broker aiming to increase insurance penetration in Nigeria by simplifying how consumers and small and medium-sized enterprises (SMEs) access coverage. Founded in 2025 by serial entrepreneur Sim Shagaya, alongside Muritala Ahmed and Oluwadamilola Okenla, the company operates as a licensed intermediary under the regulation of Nigeria's National Insurance Commission (NAICOM). Shagaya, who previously founded e-commerce giant Konga and ed-tech platform uLesson, launched Myka to address what he identified as a distribution problem in the Nigerian insurance sector, rather than a lack of demand. Myka's business model is centered on a digital marketplace that aggregates insurance products from up to 17 underwriters, including major providers like AIICO, Leadway, and Cornerstone. This allows users to compare and purchase policies in real-time through a consumer app, with policy documents delivered directly via WhatsApp. Myka earns commissions from the insurance providers for each policy sold through its platform. The product portfolio is comprehensive, offering health, motor, gadget, home, property, life, and travel insurance. Myka's strategy extends beyond a direct-to-consumer app. The company is developing a community-based distribution model inspired by the success of agency banking in Nigeria. This initiative, which was accepted into NAICOM's regulatory sandbox in May 2026, enables trusted individuals and organizations—such as pharmacists, travel agents, or community associations—to refer or sell insurance products within their networks using Myka's partner platform. To improve the claims process, a significant pain point in the market, Myka is establishing networks of service providers, such as repair centers for vehicle and gadget claims, to create a more seamless experience for policyholders. In June 2026, Myka announced it had raised an undisclosed pre-seed funding round from investors including Ventures Platform, TLcom, and prominent tech founders like Shola Akinlade of Paystack and Ridwan Olalere of LemFi. This capital is intended to accelerate growth, enhance its technology infrastructure, and expand its network of insurance partners. Keywords: insurtech, Nigeria, digital insurance broker, insurance marketplace, Sim Shagaya, SME insurance, retail insurance, financial inclusion, NAICOM, policy comparison, agency banking model, health insurance, motor insurance, gadget insurance, property insurance, Ventures Platform, TLcom, African tech, risk management, insurance distribution