Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Health4Moni is an health insurtech social enterprise that provides affordable health insurance to low-income informal sector Nigerians to access quality healthcare without fear of financial burden and investment opportunities to eradicate poverty

01.01 Describe your startup in more detail

Health4Moni is an insur-tech social enterprise providing affordable health insurance to low-income informal sector Nigerians using the daily contributions model (popularly known as the 'ajo/esusu' system locally). With daily contributions of just 20 cents/#200, the market woman or mechanic who lives below poverty level (that is earn below $1.90-$2.15 per day) receives a full-fledged health insurance that gives them access to quality healthcare whenever needed without fear of financial risk/burden. They also access HealthVest, which includes a savings net, financial literacy and several investment opportunities that yields between 10-30% interest rates, to grow wealth and eradicate poverty. We are literally killing two birds; unaffordable healthcare and poverty with one stone.

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

According to the National Demographic Health Survey 2018, less than 5% of the entire Nigerian population have health insurance impeding the access of over 200 million Nigerians to needed healthcare services. This means the average low-income Nigerian has 2 options when they are sick; either borrow further pushing them into poverty or self-medicate increasing the risk of morbidity and mortality. Despite being the most populous country in Africa, Nigeria continues to lag behind in all health indicators, ranking as the 5th country with the highest mortality rate in the world and the 3rd highest maternal mortality rate in the world. These deaths are preventable but due to low health insurance coverage in Nigeria, the morbidity and mortality rates keep increasing. From research, we discovered that poverty, lack of awareness about insurance and expensive premiums are the underlying reason for low adoption of health insurance in the country. Health4Moni is able to mitigate these challenges.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

1. Health4Moni is targeted towards a neglected demography (low-income Nigerians): the current offerings in the health insurance market by competitors focus on the middle class and the rich, especially through the formal sector health insurance scheme meaning only those who can afford health insurance premiums or those who are formally employed get health insurance as benefit packages. This neglects the poor. With Health4Moni, we are reducing mortality rates. 2. An advantage of Health4Moni is the affordability. Using the daily contributions model, low-income Nigerians can access quality care for just 20 cents daily, this is unlike most HMOs in Nigeria with expensive premiums and inflexible payment plans. 3. Health4Moni offers an holistic approach fixing the underlying problem of poverty unlike other competitors whose focus is solely profit. With HealthVest, our users access a savings net, financial literacy and investment opportunities to grow wealth, earning from 10-30% interests

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Low-income informal sector Nigerians who live below poverty levels (that is earn below $1.90-$2.15 per day according to the World Bank) This demography has been mostly neglected. The current offerings in the health insurance market by competitors and HMOs focus on the middle class and the rich, especially through the formal sector health insurance scheme meaning only those who can afford health insurance premiums or those that are formally employed get health insurance as benefit packages. This neglects the poor. Also, there has been a focus of financial services on the banked, the learned and the formal sector, neglecting the informal sector. Nobody is talking about investment for the unbanked. With Health4Moni, we are making sure the unbanked, low-income informal sector Nigerian has access to affordable health insurance and investment opportunities to eradicate poverty and grow wealth.

01.05 When was your company established?

2023-09-01

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

1

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Deborah Kemi Adedigba, Founder & CEO has 7 years experience across Public Health, Project Management, Portfolio Management, Fundraising & Grants, SDGs, Strategy & Innovation. Social Entrepreneurship and Business Management. Tochukwu Jonah, CTO HAS 5 years experience across Technology, infrastructure & product development, Software Engineering & Frontend Development (HTML, CSS, Bootstrap, Javascript, React JS, Next JS, Redux\React Native and working with APIs) Ayomide Adetoro, COO has 6 years experience across Operations, Product Management and strategy, Data Analysis and Monitoring & Evaluation; KPIs. Business Development & Efficiency.

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

01.11 Which industry best describes your project?

f) Healthcare (healthcare equipment and services)

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

About 70% Nigerians are multidimensionally poor. Our startup built a solution for the poor; low-income informal sector Nigerians who live below poverty levels (that is earn below $1.90-$2.15 per day according to the World Bank) This demography has been neglected. There has been a focus of financial services on the banked, the learned and the formal sector, neglecting the informal sector. Nobody is talking about investment for the unbanked. With Health4Moni, we are making sure the unbanked, low-income informal sector Nigerian have access to financial literacy, savings net and investment opportunities to grow wealth, so they can live above poverty levels.

02.02.01 My startup contributes to the Zero hunger goal

1 - Strongly Disagree

02.02.02 Zero hunger - Justification for my startup

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

7 - Strongly Agree

02.03.02 Good health and well-being - Justification for my startup

Despite being the most populous country in Africa, Nigeria continues to lag behind in all health indicators, ranking as the 5th country with the highest mortality rate in the world and the 3rd highest maternal mortality rate in the world. These deaths are preventable but due to low health insurance coverage in Nigeria, the morbidity and mortality rates keep increasing. According to the National Demographic Health Survey 2018, less than 5% of the entire Nigerian population have health insurance impeding the access of over 200 million Nigerians to needed healthcare services. This means the average low-income Nigerian has 2 options when they are sick; either borrow further pushing them into poverty or self-medicate increasing the risk of morbidity and mortality. With Health4Moni, we are ensuring every Nigerian has access to quality and affordable healthcare without fear of financial risk or burden, irrespective of their socioeconomic status.

02.04.01 My startup contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

We understand that women are big advocates and users of health, this is why we decided to use women as our Field Agents who preach the benefits of health insurance and financial health to peopl in the communities. Our Community Field Agents are women, which means we are providing jobs and income for these women helping them improve their standard of living, as well as access to quality health themselves as women are high users of healthcare themselves.

02.06.01 My startup contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

1 - Strongly Disagree

02.08.02 Decent work and economic growth - Justification for my startup

02.09.01 My startup contributes to the Industry innovation and infrastructure

1 - Strongly Disagree

02.09.02 Industry innovation and infrastructure - Justification for my startup

02.10.01 My startup contributes to the Reduced inequalities goal

1 - Strongly Disagree

02.10.02 Reduced inequalities - Justification for my startup

02.11.01 My startup contributes to the Sustainable cities and communities goal

1 - Strongly Disagree

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

1 - Strongly Disagree

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

1 - Strongly Disagree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

We believe very strongly in partnerships to fulfil our vision of a NIgeria and Africa where everyone has unhindered access to affordable and quality healthcare. This has led us to partner with many corporations of CSR projects, foundations, public-private partnerships to enrol more low-income Nigerians to affordable health insurance.

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

1 - Strongly Disagree

06.02 The product/service represents an entirely new type of product/service.

7 - Strongly Agree

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

7 - Strongly Agree

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

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

5

06.08 Justification for my startup

Health4Moni is unique because we are offering an holistic approach fixing the underlying problem which is poverty beyond unaffordable healthcare. From our market research we discovered poverty is an underlying reason for why a high percentage of Nigerians and Africans lack health insurance. So we asked what if we tried to reduce the poverty rates? And that is how we came up with our solution; Health4Moni, a technologically aided solution which not only gives poor Nigerians affordable health insurance so they can access healthcare whenever needed but a solution that can also help them solve the problem of poverty. We are not only giving affordable health insurance, we are also reducing poverty rates where their daily contributions accumulate into a savings net, access to financial literacy and investment opportunities to grow wealth. Our users can earn up to 13% on savings and 30% on investments. A win-win!

06.09 Competitive Analysis

With Health4Moni we are offering an holistic approach fixing the underlying problem unlike other competitors whose focus is profit, we practice the onion model and we discovered poverty is an underlying reason for why a high percentage of Nigerians and Africans lack health insurance. So we asked what if we tried to reduce the poverty rates? And that is how we came up with our name; Health4Moni, we are not only giving affordable health insurance, we are also reducing poverty rates where their daily contributions accumulate into a savings net, access to financial literacy and investment opportunities to grow wealth. Our users can earn up to 13% on savings and 25% on investments per annum.

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

Yes I have a community where I mentor and support upcoming female social entrepreneurs, it is called the Changemakers Hub. I share opportunities with them, proofread their proposals, provide clarity sessions and get to together to encourgae and hand hold each other as we solve the world's problems