Kenyan fintech mTek, TrustGro sign Sh170M healthcare security deal
Digital insurance fintech firm, mTek and micro financier TrustGro, Tuesday signed a $1.52 million or Sh170 million in a move that will see consumers access health insurance products matching their financial capabilities.
The agreement is further expected to offer a flexible monthly premium payment plan in partnership with over 30 Kenyan underwriters.
“We believe in the mandate to support Kenyans to gain financial independence. We need to put a stop to the fact that most Kenyans foot their medical bills with cash. This is costly and creates cash-flow uncertainty,” said mTEK’s Chief executive Bente Krogmann during the ceremony.
Majority of Kenyan households have generally shied away from taking up healthcare and also other general insurances owing to the prohibitively high one-off cost.
“This is in keeping with our mission as TrustGro which is to help enhance the quality of life of our customers through simple, convenient and appropriate financial services” said TrustGro Chief executive Tonderai Mutesva.
Health insurance coverage is relatively low in Kenya and the concept is fairly just beginning to take shape in Africa, yet hardly well understood and remains unclear how it will function in countries where the majority of the population work outside the formal sector.