M-KOPA and Turaco, an insurtech in Africa have announced plans to launch the Hospital Cash insurance cover in Ghana after reaching over 1 million Kenyans in just one year after launch.
The health insurance dubbed Hospital Cash 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.
According to Martin Kingori, General Manager, M-KOPA Kenya,”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 for ‘Every Day Earners,’ and through partnerships with purpose-driven providers like Turaco, we’ll continue to impact more lives across Kenya.”
Medical emergencies can be devastating for many Kenyan families. More than 5 percent of Kenyan households face catastrophic health expenses every year, and across Africa, 14 million low-income households fall into poverty due to out-of-pocket healthcare costs. While government initiatives like SHA provide essential coverage, private insurance can help protect families from additional health-related expenses.
Hospital Cash coverage was rolled out with the M-KOPA X-20 smartphone in June 2024 embedded on M-KOPA smartphones. Customers receive Ksh 1,000 per day when admitted overnight to any Ministry of Health registered hospital, public or private. This safety net gives M-KOPA smartphone customers peace of mind during medical emergencies, allowing them to stay focused on their financial goals.
The program has covered 1 million customers about 75% of customers had no health insurance before accessing M-KOPA’s “More than a Phone” offering. Over half of all customers – including those who haven’t claimed – report increased business investment, citing insurance coverage as their financial safety net and more than 50% of women customers report reduced financial anxiety due to their insurance coverage while over 75% of customers who claimed report the insurance helped ease their daily payment obligations.
The Ghana launch will be followed by subsequent launches in other countries in emerging markets where both MKOPA and Turaco operate.
“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. 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,” said Ted Pantone, Turaco CEO. “This milestone highlights how embedding insurance into everyday products can drive meaningful impact and financial resilience for Kenyans.”
