Myka, backed by Sim Shagaya, has launched as a licensed digital insurance broker in Nigeria, letting users buy policies from multiple insurers.
Myka is a new digital insurance broker in Nigeria, built by entrepreneur Sim Shagaya. Myka acts as a broker, meaning it helps you buy insurance from different companies, instead of selling only one insurer’s product.
Shagaya told TechCabal he started looking into why insurance uptake is low in Nigeria. Industry figures often point to trust issues, but he argues many people already pay for informal protection, like savings groups and family support. His view is that the missing piece is distribution, which is the ability to reach people where they already live and work.
Myka is positioning itself like agency banking, but for insurance. Agency banking is when banks and fintechs use local agents and small shops to offer services closer to customers. It helped scale cash-in, cash-out, and bill payments across Nigeria.
The company’s pitch is simple. Make it easier to discover, understand, and pay for insurance policies through one digital front door.
Nigeria has over 200 million people, yet a large majority remain uninsured, according to industry bodies. For insurers, that is a distribution problem and a product education problem, not just a pricing problem.
If Myka succeeds, it could push more insurers to compete on clarity, claims experience, and customer support, not only on sales relationships. It could also create a new channel for embedded insurance, which is when insurance is sold inside another product flow, like buying device cover during phone checkout.
Myka’s entry also adds pressure on existing insurtech rails and API providers, such as MyCover.ai, as more brokers look for faster onboarding and multi-provider integration.
Primary Source: Techcabal
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