Three-time founder Sim Shagaya launches Myka, a new insurance company for Nigeria

Sim Shagaya, the Nigerian entrepreneur behind Konga, uLesson, and E-Motion, has announced the launch of Myka, a new insurance company targeting the Nigerian market. The company is currently accepting waitlist sign-ups at myka.ng.

Shagaya announced on LinkedIn, describing Myka as a rethink of how insurance works in Nigeria. He gave no details yet on what products the company will offer or when it will go live for customers.

This is Shagaya’s fourth company. He built E-Motion, a billboard advertising business, in 2005. He then founded Konga in 2012, 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 is also chancellor of Miva Open University.

Insurance is a sector with low uptake in Nigeria. Less than 5% of Nigerians currently hold any form of insurance cover, and out-of-pocket spending accounts for more than 70% of all health expenses in the country. The sector is also going through its biggest regulatory change in over two decades, following the signing of the Nigeria Insurance Industry Reform Act (NIIRA) in July 2025.

Shagaya has not announced funding or a launch date.

Last updated: March 25, 2026