Sim Shagaya’s Myka wants to do for insurance what agency banking did for fintech

“Why do so few Nigerians buy insurance?” That question naturally follows Nigeria’s insurance penetration numbers. With a population of more than 200 million people, over 70% of Nigerians have no form of insurance as of 2025, according to the Nigerian Council of Registered Insurance Brokers (NCRIB).

When Sim Shagaya, the entrepreneur who founded Konga, an e-commerce platform, and uLesson…