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OYI on a quest to make health care affordable through innovative medical scheme
A Fintech start-up with an innovative edge may be able to change the world of medical aid in South Africa for low income earners. Tamsanqa Ngalo is the founder of OYI which is a medical expense credit card helping those who may not have access to funds to pay for their medical expenses. Tamsanqa joins CNBC Africa for more.
Fri, 23 Aug 2019 13:49:38 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- OYI's innovative medical expense credit card is designed to provide affordable and accessible healthcare solutions for low to middle income earners in South Africa, bridging the gap in the traditional medical aid system.
- The company's pay-as-you-go model and flexible payment options make it a competitive and inclusive alternative for individuals who cannot afford traditional insurance schemes but still need quality healthcare services.
- OYI's wide acceptance among medical providers, coupled with its focus on responsible lending practices and prepaid options, positions it as a sustainable and valuable player in the healthcare finance industry.
South Africa is grappling with a healthcare crisis, where many low to middle income earners struggle to access quality medical care due to financial constraints. However, a Fintech startup is on a mission to change the narrative and make healthcare more affordable and accessible for this underserved population. Tamsanqa Ngalo, the founder of OYI, is leading the charge with an innovative medical expense credit card that is revolutionizing the way people pay for healthcare services in the country. The company's product aims to bridge the gap in the healthcare system, particularly targeting the 12 million low to middle income earners who cannot afford traditional medical aid but still need access to quality healthcare services.
OYI's product is a payment card that works on a pay-as-you-go model, allowing individuals to save up funds specifically for medical expenses or access a credit facility when needed. This unique approach is tailored to meet the needs of those who may not have access to traditional insurance schemes and face challenges in covering their healthcare costs. By offering a flexible and affordable solution, OYI is empowering individuals to prioritize their health and well-being without the financial burden.
One of the key advantages of OYI's medical card is its wide acceptance among medical providers in the country. The card operates on the Mastercard network, enabling users to make payments at various healthcare facilities nationwide. This widespread accessibility ensures that individuals can receive prompt medical attention when needed, without worrying about the financial aspect.
While traditional medical schemes cater to the affluent sections of society, OYI's focus on the underserved segments sets it apart in the market. The company is not insurance-based, distinguishing its offering as a flexible savings or credit account specifically designed for healthcare expenses. By providing a financial safety net for emergencies or ongoing medical needs, OYI is revolutionizing the way low to middle income earners approach and access healthcare services.
In light of the newly tabled National Health Insurance (NHI) bill in South Africa, OYI sees opportunities for growth and expansion. The NHI bill aims to create a universal healthcare system, which could potentially lead to bottlenecks in accessing medical services. However, OYI's model offers a direct and efficient route to healthcare providers, bypassing the queuing system typically associated with universal health schemes. This positions OYI as a valuable and viable alternative for individuals seeking timely and affordable healthcare solutions.
Despite concerns around potential legislative changes affecting the credit industry, OYI remains confident in its ability to navigate any challenges. The company's focus on responsible lending practices and offering prepaid options to mitigate credit risks demonstrates its commitment to sustainable growth and financial empowerment for its customers. With plans to scale up through strategic partnerships and corporate collaborations, OYI is poised to transform the healthcare landscape in South Africa and make quality healthcare accessible to all.
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