Aella, a fintech company, has partnered with Hygeia HMO, one of the leading health insurance service provider in West Africa, to provide inclusive health insurance to people in West Africa
The partnership is in line with the US$10mn funding round to serve financially excluded populations in West Africa and other emerging markets.
AellaCare health insurance product offers a comprehensive and accessible micro-health insurance service overcomes obstacles that keep millions from accessing financial services. These include geographical or regulatory inaccessibility, lack of access to banking institutions, confidence concerns or needs that existing financial products can not solve.
Although several African governments have increased the proportion of their total public expenditure on health, financing remains a major constraint to effective health service delivery. Scarce public resources and limited health infrastructure has made healthcare delivery unavailable to Africa’s bottom of the pyramid.
Around 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 been unable to provide financial services to these individuals because they didn’t meet their minimum profitable threshold.
AellaCare health insurance coverage for US$5 per month
With the financial barrier reduced, people can 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.
AellaCare users can get insurance plans on credit via the Aella app, With personalised financial planning, flexible payment options and healthcare access.
“With AellaCare, we are reducing the financial barriers that prevent people from protecting their health with decent health insurance and transforming the unbanked and supporting economic growth for all West Africans,” said Aella CEO Akin Jones.
Obinnia Abajue, Hygeia HMO CEO, commented, “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.”
