M-KOPA and Turaco Transform Healthcare Access for 1 Million Kenyans
M-KOPA and Turaco have jointly insured over 1 million Kenyans by providing embedded Hospital Cash coverage with their smartphones. This program, aimed at financial security for everyday earners, offers Ksh 1,000 per day for hospitalizations and addresses financial difficulties caused by medical emergencies. Both companies plan to expand this initiative to Ghana and beyond.
M-KOPA Kenya and Turaco have achieved a significant milestone by providing embedded Hospital Cash insurance to more than 1 million Kenyans within just one year. This health coverage is included at no extra charge with M-KOPA smartphones, as part of their “More Than a Phone” digital financial services initiative. This initiative aims to aid daily earners in Kenya in achieving financial security through access to healthcare during emergencies.
Medical emergencies pose a serious financial threat to Kenyan households, with over 5% facing catastrophic health costs annually. Across Africa, approximately 14 million low-income households are pushed into poverty due to out-of-pocket health expenses. While government programs like SHA offer essential support, private insurance also plays a crucial role in shielding families from unforeseen healthcare costs.
The Hospital Cash coverage was launched with the M-KOPA X-20 smartphone in June 2024, following successful trials in January 2024. Every customer purchasing an M-KOPA smartphone automatically receives 12 months of coverage. This allows them to receive Ksh 1,000 per day if hospitalized in any Ministry of Health registered facility, contributing to their financial stability during medical crises.
“Our ‘More Than a Phone’ service has been improved through our collaboration with Turaco,” said Martin Kingori, General Manager of M-KOPA Kenya. He emphasized that the insurance coverage aids customers in staying focused on their financial aspirations despite unexpected medical costs.
Customer testimonials underline the insurance’s positive impact. Boniface Mutiso shared, “Insurance was the biggest reason why I picked my phone… I received Ksh 7,000 two days after my claim, straight to my mobile money.” This benefit demonstrates how the insurance facilitates family needs post-discharge.
According to a recent impact report by Turaco and M-KOPA:
– 75% of customers previously lacked health insurance before M-KOPA.
– Over half of all customers report increased business investments, despite not having claimed insurance.
– More than 50% of women report reduced financial anxiety due to their coverage.
– 75% of customers who claimed reported reduced daily payment pressure.
Ted Pantone, CEO of Turaco, noted their commitment to making insurance more accessible, aspiring to double global insurance coverage. The collaboration with M-KOPA exemplifies how integrating insurance into everyday products can enhance financial resilience and wellbeing for many Kenyans.
Looking to the future, Turaco and M-KOPA plan to extend this successful offering to new markets starting with Ghana, while continuously seeking innovative solutions for underserved communities across Africa.
M-KOPA and Turaco’s collaboration has successfully insured over 1 million Kenyans through embedded Hospital Cash insurance, enhancing financial security for daily earners. The partnership highlights the importance of accessible healthcare insurance in protecting families from financial strain due to medical emergencies. With plans to expand into new markets, the initiative signifies a significant step toward improving financial resilience for underserved populations in Africa.
Original Source: techafricanews.com
