21st September, 2021
SympliFi, a U.K.-based Fintech company, has entered into a strategic partnership with AXA Mansard to give Nigerians access to quality healthcare insurance.
The insurance benefits will be unlocked when customers apply and secure loans on SympliFi’s digital platform.
According to the fintech company, benefits provided by the unique insurance offering include hospitalization benefit that covers a portion of the loan payment, and a cash payout to help cover hospital costs and a life insurance cover. The goal is to provide financial support and quality healthcare to customers in the event that they fall ill.
Commenting on the partnership, Maurice Iwunze, CEO of SympliFi, said majority of Nigerians lack access to credit and health care, which hinders their ability to improve their livelihood, adding that SympliFi-AXA Mansard partnership is built on a shared interest in empowering Nigerians to transform their lives and improve their wellbeing, by enabling access to critical financial and health services.
“Access to credit and health care remains out of reach for most Nigerians, so families in the diaspora end up serving as the bank and insurance company for their loved ones back home. It’s a financial drain on those in the diaspora, while their loved ones back home continue to be excluded from the financial system. We wanted to develop an innovative solution to seamlessly address the problem, in a way that’s a win-win for both sides. The AXA partnership allows us to do so and is a first step in working together to reimagine the way Nigerians in diaspora support their loved ones back home, beyond remittances,” Iwunze said.
Also speaking on the initiative, CEO of AXA Mansard Health Ltd, Tope Adeniyi said, “We are delighted to partner with SympliFi to provide both easy access to healthcare and quick loans to Nigerians from the convenience of their mobile phones. We will continue to innovate and create new products, thereby improving the scope our product offerings, whilst continuously enhancing our service delivery to ensure we always provide our customers with top-notch service to address their needs.”
SympliFi’s first of its kind mobile App enables Nigerians in the diaspora to help their loved ones back home access affordable credit on their own, instead of sending money, by digitally backing the loan. Through this partnership with AXA Mansard, borrowers on the platform will now also receive the extra benefit of a loan protection insurance to cover them in the event of hospitalization, thereby minimizing the financial impact of unexpected medical emergencies that may affect their ability to repay the loans.