Nigeria automated savings platform, Piggybank.NG and Avon Healthcare Limited (Avon HMO) announced a strategic partnership that will provide health insurance plans to users with flexible monthly payments.
According to statistics, less than 5% of the Nigerian population is under any sort of healthcare cover. The collaboration between both companies to create a unique health care plan called AvonFlex is focused on affordability and flexibility of services for Piggybank.NG users and its expected to make a significant dent in the statistic.
Nigeria is home to over 67 million youth who are negligent of the importance of health insurance and equally limited to healthcare coverage. Avon HMO has used its platform to advocate for health education in parts of the country by pioneering the sale of healthcare plans online and launching straight to consumer retail plans, it is pushing the boundaries further by leveraging on ‘fin-tech’ to improve healthcare access.
With Piggybank.NG widely trusted by millennials as Nigeria’s fastest growing digital savings platform, both companies believe that the gap between access and affordability can be further bridged with AvonFlex.
According to the Chief Executive Officer of Avon HMO, Adesimbo Ukiri, “After awareness of healthcare plans and their impact, affordability is the second greatest impediment to more widespread healthcare coverage among Nigerians. AvonFlex is a healthcare plan that allows Piggybank.NG users pay for comprehensive health coverage in installments, instead of a yearly lump sum. With some plans starting as low as N60/daily, AvonFlex offers value, flexibility and yet another viable option to access healthcare.”
“Partnering with Avon HMO to democratise access to and payment for healthcare plans was a no-brainer for us,” says Terry Kanu, Head of Business Development, Piggybank.NG. “Avon HMO is a market leader, and exactly the type of innovative partners we like to work with. We are constantly looking for new ways to better serve and bring millennials into these financial services. With this new partnership, Piggybank.NG users will not only continue to save, but also have access to affordable health care.”
AvonFlex provides an option that directly addresses the needs of previously unserved consumers such as entrepreneurs, young adults, students, domestic staff, and others who cannot pay the lump premium required to get a healthcare plan.