TymeBank, a digital-only bank, has collaborated with National HealthCare Group to launch TymeHealth, which the company describes as one of the most cheap medical insurance options accessible to local consumers.
“Our country has a population of just over 60 million people, and the dire reality is only one in seven South Africans have access to medical aid, and most people cannot afford private healthcare. Our partnership with National HealthCare Group — with their 27-year track record into the healthcare space — is one where we believe we can make a real difference to people’s lives. Radically bringing down the cost of medical insurance is an industry boon and is a natural evolution for our brand,” Tauriq Keraan, TymeBank CEO, said.
Here Is What You Need To Know
- Medical insurance is available through the in-app service starting at R139 (USD9.3) per month.
- TymeHealth’s medical aid service consists of three distinct plans, each of which is tailored to the consumer’s specific life stage or need, according to the digital bank.
- The new plans cater to the needs of South Africans who are underinsured or who are searching for a supplemental day-to-day solution to complement their existing hospital plan.
- Consumers interested in applying for TymeHealth must do so through the TymeBank app, which requires registration as a customer.
“Medical aid is simply too expensive for most working people, and generally, unless it is included as an employment benefit, is out of reach for the majority,” says Dr Reinder Nauta, executive chairman of National HealthCare Group. “Until such time as the private healthcare sector does its part to remove this very real hurdle, accessibility to private healthcare will remain but a pipedream for many individuals. With the pooling of our shared knowledge to create TymeHealth, the National HealthCare Group and TymeBank have unlocked considerable potential in what has previously been unchartered territory.”
- According to 2018 data from Statistics South Africa, more than 47 million South Africans did not have medical aid insurance at the time, with only 9.4 million beneficiaries.
- National HealthCare is a fully accredited healthcare administrator with a national network of over 12 000 physicians, pharmacies, and other providers, all of which are supported by digital health technology. According to the healthcare behemoth, it focuses on the low-income and growing areas of the healthcare market.
Over 4.5m Customers
TymeBank is majority-owned by African Rainbow Capital, which was founded by business magnate Dr Patrice Motsepe. The bank estimates that it will have 4.5 million customers by the end of February 2022, three years after its February 2019 start.
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TymeBank raised R1.6 billion in February from investors in the United Kingdom and the Philippines. The bank stated that the funds will be utilized to broaden its product offering and pursue foreign prospects.
The bank inked a contract with TFG (The Foschini Group) in October, aiming to reach the fashion retailer’s 26 million clients.
TymeBank formed a bancassurance agreement with Hollard in September to provide customers pre-paid funeral policies.
Tymebank Insurance Tymebank Insurance
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
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