An emerging market fintech M-KOPA– in collaboration with Turaco Insurance Agency– have announced they have provided hospital cash insurance to over one million Kenyans in just one year.
This health insurance comes built into M-KOPA smartphones at no extra cost as part of their “More than a phone” digital financial services offering, helping every day earners across Kenya build financial security.
After successful trials in January 2024, hospital cash coverage was rolled out with the M-KOPA X-20 smartphone in June 2024.
Every M-KOPA smartphone now includes 12 months of coverage, seamlessly enabled through M-KOPA and Turaco’s connected systems.
Customers receive Sh1,000 per day when admitted overnight to any Ministry of Health registered hospital, public or private.
M-KOPA Kenya General manager Martin Kingori says:”Our ‘more than a phone’ digital financial services offering has been enhanced by our partnership with Turaco,”.
Mr Kingori observes: “By listening to our customers, we understand how unexpected medical expenses can derail their progress….
“Insurance provides that crucial safety net, keeping them on track toward their goals. This insurance benefit aligns perfectly with our mission to finance progress to impact more lives across Kenya,”.
At the same time, a new impact report from Turaco and M-KOPA reveals the programme’s significance for the one million customers covered about 75 per cent of customers had no health insurance before accessing M-KOPA’s offering.
“Over half of all customers – including those who haven’t claimed – report increased business investment, citing insurance coverage as their financial safety net…
“At the same time more than 50 per cent of women customers report reduced financial anxiety due to their insurance coverage while over 75 per cent of customers who claimed report the insurance helped ease their daily payment obligations,” the report adds.
Turaco chief executive Ted Pantone notes: “At Turaco, we are on a mission to make insurance more accessible and affordable…
“Our vision is to insure the next billion people, doubling the number of insured people in the world,”.
Mr Pantone adds: “Our partnership with M-KOPA is a powerful example of the role partnerships can have in driving towards that vision and transforming lives of people who want and need insurance…
“This milestone highlights how embedding insurance into everyday products can drive meaningful impact and financial resilience for Kenyans,”.
Building on this success, Turaco and M-KOPA are set to expand their offering to additional markets, beginning with Ghana, while maintaining their focus on innovative financial solutions for underserved communities across Africa.
