Three-time Founder Sim Shagaya Launches Myka, a New Nigerian Insurance Startup

Sim Shagaya, the entrepreneur behind Konga and uLesson, has launched Myka, a new insurance company in Nigeria. The startup is currently accepting waitlist sign-ups

Shagaya, who also founded E-Motion, described Myka on LinkedIn as a “rethink of how insurance works in Nigeria.” He did not share details on the specific products or the official launch date for customers.

This marks Shagaya’s fourth company. He started E-Motion, a billboard advertising business, in 2005. In 2012, he founded Konga, which grew into one of Nigeria’s largest e-commerce platforms before being acquired by Zinox Technologies in 2018. His third venture, uLesson, is an education app for African students. He also serves as chancellor of Miva Open University.

Insurance adoption in Nigeria remains low. Fewer than 5% of Nigerians currently hold any form of coverage, and out-of-pocket spending accounts for over 70% of health expenses in the country. The sector is also undergoing its biggest regulatory shift in over two decades following the Nigeria Insurance Industry Reform Act (NIIRA) signed in July 2025.