.M-KOPA Kenya, the local subsidiary of leading emerging markets fintech M-KOPA Ltd, and Turaco Insurance Agency (T/A Turaco), Africa’s leading insurtech, have achieved a major milestone: providing Hospital Cash insurance to over 1 million Kenyans in just one year.
This insurance is seamlessly built into M-KOPA smartphones at no extra cost as part of the company’s “More Than a Phone” digital financial services offering. By embedding insurance into everyday technology, M-KOPA and Turaco are empowering Every Day Earners across Kenya with financial security during medical emergencies.
Medical emergencies remain a financial burden for many Kenyan families. Over 5% of Kenyan households face catastrophic health expenses every year, while across Africa, 14 million low-income households fall into poverty due to out-of-pocket healthcare costs. While government programs like SHA provide essential coverage, private insurance solutions can bridge the gap, offering additional protection against unforeseen medical expenses.
How the Insurance Works
Following successful trials in January 2024, the Hospital Cash coverage was officially launched in June 2024 with the M-KOPA X-20 smartphone. Every new M-KOPA smartphone now includes 12 months of health insurance, activated through M-KOPA and Turaco’s connected digital systems.
- Customers receive Ksh 1,000 per day when admitted overnight to any Ministry of Health-registered hospital, public or private.
- This benefit provides a vital financial cushion, allowing customers to focus on their recovery and stay on track toward their financial goals.
“Our ‘More Than a Phone’ digital financial services offering has been enhanced by our partnership with Turaco. 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.”
— Martin Kingori, General Manager, M-KOPA Kenya
Customer Impact: Real-Life Stories and Data
For many, this insurance has already made a life-changing impact. Boniface Mutiso, an M-KOPA customer, shared his experience:
“Insurance was the biggest reason why I picked my phone… I received Ksh 7,000 two days after my claim, straight to my mobile money. This cover helped me cater for my family needs after I was discharged.”
A new impact report from Turaco and M-KOPA highlights the program’s significance for 1 million insured customers:
- Expanding Access: 75% of customers had no health insurance before enrolling in M-KOPA’s “More than a Phone” offering.
- Boosting Business Growth: Over 50% of customers (including those who haven’t made a claim) report increased business investment, citing the insurance as their financial safety net.
- Reducing Financial Anxiety: More than 50% of women customers report feeling less financial stress due to their coverage.
- Easing Payment Burdens: Over 75% of customers who claimed said the insurance helped them meet daily financial obligations.
Scaling Impact Beyond Kenya
Furthermore, building on this success, Turaco and M-KOPA are set to expand their offering to additional markets, starting with Ghana. As they continue developing innovative financial solutions for underserved communities across Africa, the partnership demonstrates how embedding insurance into everyday products can create financial resilience and protect vulnerable populations from economic shocks.
“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. This milestone highlights how embedding insurance into everyday products can drive meaningful impact and financial resilience for Kenyans.”
— Ted Pantone, CEO, Turaco
Finally, with a shared commitment to financial inclusion, M-KOPA and Turaco are proving that technology-driven insurance solutions can bridge the protection gap, ensuring millions more have access to affordable, life-changing coverage.
