M-KOPA Kenya, a local arm of the leading fintech M-KOPA Ltd, in partnership with insurtech leader Turaco, has reached a significant milestone—providing Hospital Cash insurance to over 1 million Kenyans in just 12 months. This achievement is part of M-KOPA’s “More Than a Phone” initiative, which includes digital financial services integrated into every smartphone at no additional cost.
In Kenya, medical emergencies often have severe financial consequences, with more than 5% of households incurring catastrophic health expenses annually. M-KOPA and Turaco’s embedded insurance solution provides a much-needed safety net. Customers receive Ksh 1,000 per day when admitted overnight to any Ministry of Health-registered hospital, easing the burden of unexpected healthcare costs.
Following successful trials in early 2024, the insurance offering was launched with the M-KOPA X-20 smartphone in June. All M-KOPA smartphones now come with a full year of Hospital Cash coverage, automatically enabled through seamless system integration between M-KOPA and Turaco.
“Our partnership with Turaco has strengthened our mission to support ‘Every Day Earners’,” said Martin Kingori, General Manager of M-KOPA Kenya. “We’ve heard from our customers how unforeseen medical bills can derail their progress. This insurance helps them stay focused on their financial goals.”
Customers like Boniface Mutiso have already seen the benefits. “Insurance was the main reason I chose my phone. I received Ksh 7,000 just two days after submitting my claim. It helped me provide for my family after being discharged,” he shared.
A new impact report from M-KOPA and Turaco highlights the program’s real-world value:
- Insurance Access: 75% of customers had no prior health coverage.
- Business Growth: Over half report increased investment in their businesses.
- Financial Confidence: 50% of women customers feel less financial anxiety.
- Claims Impact: 75% of those who claimed say the payout eased daily expenses.
“This is just the beginning,” said Ted Pantone, CEO of Turaco. “Our goal is to insure the next billion people. Embedding insurance into products like M-KOPA smartphones shows how powerful partnerships can expand access and strengthen financial resilience.”
Looking ahead, Turaco and M-KOPA plan to scale this offering to new markets, starting with Ghana, as they continue delivering impactful, affordable financial solutions across Africa.
//Staff writer
