A fintech start-up makes healthcare more accessible

In Uganda, health insurance penetration stands at less than 1%, and about 40% of healthcare costs are paid out of pocket. For low-income people, even basic care such as malaria treatment, which costs between USD 10-30 depending on the healthcare centre, can be prohibitively expensive. Many people delay seeking help or resort to self-treatment and half measures.

Fintech start-up clinicPesa offers a digital wallet that allows Ugandans, 60% of whom have a mobile phone, to save for their future healthcare rather than forego treatment or risk a financial shock that could send them into poverty. As saving for pregnancy and childbirth requires special planning and cost-awareness, the venture launched another wallet tailored for expectant mothers in 2022.

This solution is more than a virtual piggybank. Thanks to a partnership with a major financial institution, clinicPesa receives 7% to 13% interest on deposits, passing on 5% to 11% savers and keeping the rest to run the business and pay mobile platforms for promoting its services. If the cost of treatment exceeds their balance, users may take a loan top up to clear their medical bill.

To help customers find quality care, clinicPesa works with clinics, hospitals and pharmacies throughout Uganda. For providers in its network, the 1% fee on payments from clinicPesa customers is worth the patient referrals and the assurance they won’t have to chase people for payment or turn them away.