Fintech Firm Partners Hygeia to Provide Inclusive Health Insurance
Encouraged by the $10 million funding to serve financially excluded populations in West Africa and other emerging markets, Aella is set to provide inclusive health insurance to millions of West Africans through its partnership with Hygeia HMO, a leading provider of health insurance in the region.
AellaCare, a health insurance product that offers a comprehensive and accessible micro-health insurance service 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 products cannot solve.
The fintech in a statement, said although several African governments have increased the proportion of their total public expenditure on health, financing remained a major constraint to effective health service delivery.
Scarce public resources and limited health infrastructure had made healthcare delivery unavailable to Africa’s bottom of the pyramid. It said about 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, and that traditional financial institutions have also been unable to provide financial services to these individuals because they didn’t meet their minimum profitable threshold.
“AellaCare tackles this with super affordable health insurance coverage for as low as N2,000 per month. With the financial barrier reduced, people can now seek and receive much-needed health services such as; General Consultations, Pharmacy Benefits, Ante-Natal Care & Delivery services, Accidents and Emergencies, Surgeries, Outpatient and Specialist Consultations, HIV/AIDS Care and Treatment, Dental Care, Prescription Glasses, Family Planning Services among others.
“AellaCare users can also get insurance plans on credit via the Aella app, guaranteeing personalised financial planning, the flexibility of payments and better-improved healthcare access,” the Fintech Company said in a statement.
Giving further insight into the partnership, the CEO of Aella, 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.