Kenya - Business creation project

Describe your project or startup in a few words

Koppo enables Africans to pay for their healthcare procedure in manageable monthly installments through point-of-sale financing.

01.01 Describe your project in more detail

Koppo is the easiest way for healthcare providers to offer flexible payment options to Africans who can’t pay the full price of their medical procedure upfront. Providers can build a quote and send it out to the patient. Patients get the quote and can apply for finance in 5 mins and get approved within 24 hours. Once approved the business can begin the procedure and get paid afterwards in full, while their patients pay us back over time.

01.02 What is the main problem you are trying to solve?

In Africa, access to essential healthcare procedures is severely hindered by high upfront costs and a widespread lack of credit availability. More than 37% of Africa’s annual healthcare spending is out-of-pocket, pushing about 325 million people further into poverty due to healthcare expenses. Less than 4% of this population can secure traditional credit, leaving them unable to afford necessary medical treatments. This financial barrier prevents many individuals from receiving timely and potentially life-saving care. Our goal is to bridge this gap by offering point-of-sale financing solutions, enabling more Africans to access essential healthcare services without the burden of immediate full payment.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

Democratizing Access to Healthcare: Koppo enables patients to finance their medical procedures, allowing them to receive necessary healthcare without the burden of upfront costs. This makes medical services accessible to a broader population, reducing the financial barrier to essential treatments. Quick and Easy Financing: With Koppo, patients can apply for financing in just five minutes and receive approval within 24 hours. This swift process ensures that patients can proceed with their medical procedures without significant delays, enhancing the overall patient experience. Guaranteed Payments for Providers: Healthcare providers benefit from Koppo by receiving full payment for their services directly from us after the procedure is completed. This ensures consistent cash flow and reduces the risk of unpaid bills, allowing providers to focus on delivering quality care.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Koppo is aimed at serving two main groups: Patients: We target Africans who need medical procedures but cannot afford to pay the full price upfront. Over 37% of Africa’s annual healthcare spending comes from out-of-pocket expenses. This financial burden has driven 325 million people, about 27% of the AU population, further into poverty due to healthcare costs. By providing flexible financing options, we help patients receive timely and necessary medical treatments without the burden of immediate, out-of-pocket expenses. Healthcare Providers: We also target healthcare providers, including hospitals, clinics, and private practitioners, who struggle with payment collection and patient retention due to financial constraints faced by their patients. Koppo ensures these providers receive full payment for their services directly from us, improving their cash flow and enabling them to offer better care without worrying about unpaid bills.

01.05 When did you start working on your project?

2024-04-16

01.06 How many other partners are associated with your business venture?

1

01.07 Among the other partners, how many are female?

0

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Gideon Ruhara(co-founder) Gideon is a repeat founder who has exited a bootstrapped startup. He has worked alongside growth teams at African startups/scaleups looking to establish or expand their presence in the region, including Leta AI, Raise Africa and Nexford University. David Sitati(co-founder) David has 5 years of experience as an engineer building software for African businesses at Telkom Kenya and more recently Safaricom, where he leads the Safaricom Business Hub development team, one of the largest software providers for African businesses.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

https://koppo.africa/

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

6

02.01.02 No poverty - Justification

By providing flexible payment options for healthcare, Koppo helps reduce the financial burden on individuals, preventing them from falling further into poverty due to medical expenses.

02.02.01 My project contributes to the Zero hunger goal

1 - Strongly Disagree

02.02.02 Zero hunger - Justification

02.03.01 My project contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

Koppo directly contributes by enabling more people to access necessary healthcare services through affordable financing, thereby improving overall health and well-being.

02.04.01 My project contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification

We Indirectly contribute to this SDG. By improving access to healthcare, Koppo can help reduce gender disparities, especially in regions where women and girls have less access to these services.

02.06.01 My project contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

By easing financial burdens and improving access to healthcare, Koppo can enhance economic productivity and contribute to economic growth. The problem we are solving is currently addressed by providers offering flexible payment options to their patients. But doing this on their own is hard. Not receiving money upfront could hurt their cash flow & operations. The business may not have sufficient funds to; support day-to-day operations, fund growth initiatives & reinvest

02.09.01 My project contributes to the Industry innovation and infrastructure

5

02.09.02 Industry innovation and infrastructure - Justification

We leverage innovative financial technology to improve service delivery in the healthcare sector.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

We reduce economic inequalities by providing financing options to underserved populations who lack access to traditional credit.

02.11.01 My project contributes to the Sustainable cities and communities goal

3

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

1 - Strongly Disagree

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

5

02.16.02 Peace justice and strong institutions - Justification

By reducing financial stress and improving access to essential services, Koppo can contribute to more stable and just societies.

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

Koppo works in partnership with healthcare providers and lenders to achieve its objectives, aligning with the goal of fostering partnerships for sustainable development

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

2

05.02 The product/service we envision creating represents an entirely new type of product/service.

3

05.03 The product/service we envision creating could be described as a new technology.

4

05.04 The product/service we envision creating is an improvement on an existing product or service.

7 - Strongly Agree

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

1 - Strongly Disagree

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

3

05.08 Justification

Koppo addresses a crucial market gap with few existing customers using similar services. Though not entirely new, our approach leverages advanced technology to meet patients where they are, when they need us. We leverage AI & Machine Learning to make quicker, more informed lending decisions. The unmet demand for such services is evident, with over 40% of healthcare patients opting for flexible payments due to high upfront costs. By improving access and efficiency, Koppo meets this substantial need, showcasing our importance and effectiveness in the market.

05.09 Who are your main potential competitors and what makes you stand out from them?

Our main competitors are Athena and ClinicPesa. ClinicPesa operates as a savings-first platform, requiring users to have a savings track record of at least 30 days before they can access financing for medical procedures. This can delay access to timely and potentially life-saving care. On the other hand, Athena offers limited visibility and insight to healthcare providers regarding patient financing. Koppo stands out by offering immediate point-of-sale financing without a mandatory savings period, ensuring that patients receive necessary care promptly. Additionally, our platform provides healthcare providers with comprehensive insights into patient financing, fostering transparency and a stronger relationship with the providers we work with. Our use of AI and machine learning further enhances our decision-making process, making it quicker and more efficient compared to our competitors.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

No