M-KOPA Kenya, a local subsidiary of the emerging markets FinTech M-KOPA, and Nairobi-headquartered Turaco Insurance Agency, have provided Hospital Cash insurance to over 1m Kenyans in just one year.
Building on this success, Turaco and M-KOPA are set to expand their offering to additional markets, beginning with Ghana.
In a statement, M-KOPA said that the health insurance plan is built into M-KOPA smartphones at no extra cost as part of the group’s "More Than a Phone" digital financial services offering
Medical emergencies can be devastating for many Kenyan families. More than 5% of Kenyan households face catastrophic health expenses every year. Across Africa, 14m low-income households fall into poverty due to out-of-pocket healthcare costs, the statement added. While government initiatives like the Social Health Authority (SHA) provide essential health insurance coverage, private insurance can help protect families from additional health-related expenses.
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 KES1,000 ($7.70) per day when admitted overnight to any Ministry of Health registered hospital. This safety net gives M-KOPA smartphone customers peace of mind during medical emergencies, allowing them to stay focussed on their financial goals.
A new impact report from Turaco and M-KOPA reveals the programme's significance for the 1m customers covered:
• Access Enhancement: About 75% of customers had no health insurance before accessing M-KOPA's "More than a Phone" offering
• Business Growth: Over half of all customers - including those who haven’t claimed - report increased business investment, citing insurance coverage as their financial safety net
• Financial Confidence: More than 50% of women customers report reduced financial anxiety due to their insurance coverage
• Claims Impact: Over 75% of customers who lodged claims say the insurance helped ease their daily payment obligations
Turaco is an InsurTech company. Founded in 2018, Turaco is present in Kenya, Uganda, Ghana, and Nigeria. Turaco partners with leading mobile network operators (MNOs), technology companies, and financial institutions to distribute insurance products. Turaco has insured over 3.5m people to date.
M-KOPA is a UK-headquartered emerging market FinTech that provides affordable smartphones and digital financial services. It operates in Nigeria, Ghana, Kenya, South Africa and Uganda.