Nigerian Startup Myka Makes Insurance Easy for Millions

Less than 1% of Nigerians have insurance coverage, but a new startup is changing that reality for millions who've been locked out of financial protection.

Myka, founded in 2025 by entrepreneur Sim Shagaya and partners Muritala Ahmed and Oluwadamilola Okenla, just raised pre-seed funding to expand its digital insurance platform across Nigeria. The company lets people compare and buy insurance products from multiple providers in minutes, something that used to require navigating confusing paperwork and limited options.

The platform offers coverage that matters most to everyday Nigerians: health insurance, vehicle protection, mobile phone coverage, home insurance, and business policies. Instead of forcing customers to visit physical offices or deal with complex processes, Myka meets them where they already are, using both digital and offline channels people trust.

Backing the mission are major investors including Ventures Platform, TLcom, and successful founders like Paystack's Shola Akinlade and LemFi's Ridwan Olalere. Their support signals confidence that accessible insurance can finally become reality in Nigeria's largest economy.

The startup operates as a fully licensed digital broker under Nigeria's National Insurance Commission, partnering with established underwriters to ensure reliability. This regulatory foundation means customers can trust they're getting legitimate coverage, not empty promises.

The Ripple Effect

When insurance becomes accessible, entire communities grow stronger. Families can afford healthcare without financial ruin. Small business owners can protect their livelihoods from unexpected disasters. Phone repairs don't become financial emergencies.

Myka's expansion plans focus on building better technology infrastructure and adding more insurance providers to give customers even more choices. The company is also tackling insurance literacy, helping Nigerians understand what coverage they need and why it matters.

For a country where medical emergencies can devastate household finances and small business failures often stem from uninsured losses, this kind of financial protection isn't luxury. It's the foundation of economic stability that millions have been missing.

Financial inclusion takes many forms, and Myka is proving that insurance access belongs at the center of that conversation.