London-based financial technology (fintech) company said a recent statement that the partnership with Jamii Africa Insurance Company will be very advantageous for African customers.
The two partners said the partnership will be greatly boosted by the mobile telephony explosion in the country and across the region.
Mobile phone use has surged in Tanzania in the last decade, and the country had over 40 million mobile phone subscribers last year, according to Tanzania Communications Regulatory Authority. Tanzania is classed as a low-income country by the World Bank and the health insurance problem is acute in the country.
According to Jamii research, only 4.5 per cent of Tanzanians currently have health insurance and 76 per cent of the population simply cannot afford it. Many take out loans from family and friends to cover their medical needs.
“Jamii’s partnership with Humaniq will enable Tanzania and Africa based customers easily onboard to financial services tailor cut for the informal sector, we are beyond excited!,” noted Lilian Makoi, Jamii’s founder and chief executive officer.
Jamii Africa was launched in close partnership with Vodacom Tanzania Ltd, Jubilee Insurance of Tanzania and Edgepoint Digital Ltd in 2015. The company has cut insurance administration costs by 95 per cent, launched insurance policies for as little as $1 a month and now has 40,000 users in Tanzania, as well as 400 hospitals that accept their insurance.
Jamii has been working towards launching operations in five other African countries, including Kenya, Uganda, Ghana, Nigeria, and South Africa. Its team is growing and now includes over 100 agents and managers.
Under this memorandum of understanding with (MoU) with Humaniq and through the Humaniq platform, Jamii Africa says it is aiming to develop new application to provide health insurance targeted at low income population through their mobile phones.
The collaboration with Jamii allows Humaniq to expand its existing African presence — its mobile app is already available in 21 countries in Africa. More than 400,000 users joined the Humaniq mobile app and it is equipped with a wallet, bio-ID, secure messaging, E2E encryption, and live support chat features.
By providing a unique and affordable service to its users, it will allow Humaniq to closely follow its mission objectives, which are aimed at reducing poverty in emerging economies.
Commenting on the development, Humaniq’s VP Technology Anton Mozgovoy said “We are delighted at Humaniq to announce our partnership with Jamii Africa. We look forward to playing an important role in offering African users affordable health insurance solutions.”
Humaniq is a London-based Fintech firm that provides next-generation financial services using its blockchain-based mobile application to the unbanked and underprivileged in emerging economies globally.
The company is focused on worldwide financial inclusion by providing access to global markets, greater opportunities, and novel financial solutions using repurposed technologies for those gaining exposure to financial services for the first time.