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French lender pumps Sh150m into Safaricom-backed M-Tiba

CarePay, CASH MONEY
Health financing technology firm CarePay will repay the Sh150 million loan without interest if the venture becomes profitable. FILE PHOTO | NMG 

The French Development Agency (AFD) has invested Sh150 million in Safaricom-backed healthcare app M-Tiba that will go towards growing the number of individuals and healthcare providers on the platform.

The cash injection will be used to on-board a targeted 500 new healthcare providers to the app as well as developing technology compatible with rural and offline areas.

M-Tiba, an app developed in partnership with CarePay and PharmAccess, is also eyeing technological integration into healthcare systems for providers such as Aga Khan and the public health information system as well as the strengthening of data security and privacy to become compliant with data protection laws.

Health financing technology firm CarePay will repay the Sh150 million loan without interest if the venture becomes profitable.

The 3.5 million individuals currently enrolled on M-TIBA save for medical care, pay for and manage their insurance policy as well as support their dependents.

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Data from the Kenya Integrated Household Budget Survey (KIHBS) shows only 20 per cent of Kenyans have some form of health cover. About 1.5 million Kenyans are pushed below the poverty line because of medical bills according to research by health experts Thomas Maina and Jane Chuma.

Currently, M-Tiba has 2,000 healthcare providers and covers 37 counties. The expansion will see the platform venture into Elgeyo Marakwet, Lamu, Makueni. Mandera, Marsabit, Samburu, Turkana, Wajir and West Pokot counties.

“This partnership will help CarePay improve the M-Tiba platform’s capability and reach. It is building better and more secure health financing solutions for individuals and organisations,” said CarePay chief executive Kees van Lede.

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