Fintechs push insurance schemes for West Africans
Financial Technology companies are currently pushing insurance schemes for millions of West Africans, especially in Nigeria.
The firms, Aella and Hygeia HMO, which recently got bolstered by a $10 million funding round are billed to serve financially excluded populations in West Africa and other emerging markets, with health insurance.
The scheme is a partnership agreement between the two firms.
AellaCare, a health insurance scheme, offers a comprehensive and accessible micro-health insurance service that overcomes obstacles that keep millions from accessing financial services such as geographical or regulatory inaccessibility, lack of access to banking institutions, confidence concerns or needs that existing financial schemes can not solve.
They aveered that though several African governments have increased the proportion of their total public expenditure on health, financing remains a major constraint to effective health service delivery.
According to them, scarce public resources and limited health infrastructure has made healthcare delivery unavailable to Africa’s bottom of the pyramid, adding: “95 per cent of Nigerian adults do not have insurance and 77.2 per cent of the nation’s population barely know what insurance is about. Traditional financial institutions have also been unable to provide financial services to these individuals because they didn’t meet their minimum profitable threshold.”
Through the scheme, AellaCare tackles this with super affordable health insurance coverage at a very low price per month.
They submitted that with the financial barrier reduced, people can now seek and receive much-needed health services such as; general consultations, pharmacy benefits, ante-natal care and delivery services, accidents and emergencies, surgeries, outpatient and specialist consultations, HIV/AIDS care and treatment, dental care, prescription glasses, family planning services among others.
They explained that AellaCare users can also get insurance plans on credit via the Aella app, guaranteeing personalized financial planning, the flexibility of payments and better-improved healthcare access.
Aella CEO, Akin Jones, said:“We are excited about this partnership with Hygeia HMO as it gives us the unique opportunity to reach millions of Africans that are currently outside the healthcare envelope via a collaboration with a leading health insurance provider. With AellaCare, we are not only reducing the financial barriers that prevent people from protecting their health with decent health insurance; we are also transforming the unbanked and supporting economic growth for all West Africans. This milestone is another validation of our commitment to lifting many out of poverty and transition emerging markets into the digital economy through accessible financial solutions.”
Speaking about the primary objective of this partnership, Hygeia HMO CEO, Obinnia Abajue said, “At the heart of our mission at Hygeia HMO is the provision of affordable access to quality healthcare. Access to quality and affordable care shouldn’t be a luxury and this partnership with Aella allows us to scale the provision of healthcare services to millions of Nigerians and West Africans previously outside the healthcare envelope.
“With quality healthcare insurance coverage, AellaCare is giving people the convenience of providing preventive and primary care services for them and their loved ones, which reduces the financial risk of ill-health. All lives matter and AellaCare has made it easier to access healthcare through Aella’s fast, simple and affordable monthly subscription service.”