South African fintech launches prepaid medical aid card

South African fintech company Oyi has launched a new prepaid medical aid card aimed at helping people deal with unexpected expenses.

Oyi said that product works as a savings card for medical spend only and is supported by a secure payments technology.

It added that the card eliminates the temptation of using the money for other purposes as it can only be used to pay for doctors, medical services such as x-rays and blood tests as well as to purchase medicines from any pharmacy.

“The Oyi medical card enables affordable access to quality healthcare which allows the cardholder and their families to seek medical care with dignity,” said Tami Ngalo, CEO of Oyi said.

“With a social purpose to build healthy communities and sustainable wellness, we make healthcare accessible for everyone.”

Ngalo said that the Oyi medical card lets you put money aside monthly or as a lump sum and use it specifically to pay doctors and buy medicine.

“This provides flexibility to prepare for unforeseen medical expenses while it also complements a typical medical aid. Oyi savings can also be used towards co-payments,” he said.

He added that the card is aimed primarily at employers who have some staff who are not covered by medical aid, the card allows for private access to quality healthcare for all employees.

The group said that the card operates in a regulated industry and is registered with the National Credit Regulator where the Oyi Medical Card/FlexPay MasterCard is issued in association with Mercantile Bank.

Oyi is part of the AlphaCode Incubate programme, which identifies, partners and grows early-stage financial service ventures for Rand Merchant Investments (RMI).

“We believe that the Oyi medical card, will support a healthier South Africa and will also help increase a desperately needed savings culture,” said Dominique Collett, head of AlphaCode.

“We are proud to back these entrepreneurs who seek to improve life for others,” she said.


Read: South Africa’s ‘shock’ medical aid changes explained

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South African fintech launches prepaid medical aid card