Nigeria - Startup under 3 years old

Décrivez votre projet en quelques mots

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 Décrivez votre startup en détail

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 Quel est le problème principal que vous essayez de résoudre ?

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 Dites-nous quels sont les principaux avantages et/ou bénéfices de l'utilisation du produit/service fourni par votre startup (au moins 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 Veuillez décrire précisément à qui s'adresse le produit/service de votre startup. Quels sont les bénéficiaires visés ?

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 Quand votre entreprise a-t-elle été créée ?

01/09/2023

01.06 Vendez-vous déjà votre produit/service ?

Oui

01.07 Combien y a-t-il de propriétaires de votre entreprise en plus de vous ?

1

01.08 Parmi les autres propriétaires, combien sont des femmes ?

0

01.09 Veuillez décrire le profil des autres propriétaires de votre startup (compétences, expérience, 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 Si vous avez un site web, une page sur les médias sociaux (Facebook, Instagram, Linkedin...) ou une application, veuillez fournir le(s) lien(s) ici :

01.11 Quel est le secteur d'activité qui décrit le mieux votre entreprise ?

Soins de santé (équipements et services de santé)

02.01.01 Ma startup contribue à l'objectif 'Pas de pauvreté'

7 - tout à fait d'accord

02.01.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Faim Zéro'

1 - pas du tout d'accord

02.02.02 Justification de la contribution de ma startup

02.03.01 Ma startup contribue à l'objectif 'Bonne Santé et Bien Être'

7 - tout à fait d'accord

02.03.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Éducation de Qualité'

1 - pas du tout d'accord

02.04.02 Justification de la contribution de ma startup

02.05.01 Ma startup contribue à l'objectif 'Égalité entre les Sexes'

7 - tout à fait d'accord

02.05.02 Justification de la contribution de ma 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 Ma startup contribue à l'objectif 'Eau Propre et Assainissement'

1 - pas du tout d'accord

02.06.02 Justification de la contribution de ma startup

02.07.01 Ma startup contribue à l'objectif 'Énergie Propre et Abordable'

1 - pas du tout d'accord

02.07.02 Justification de la contribution de ma startup

02.08.01 Ma startup contribue à l'objectif 'Travail Décent et Croissance Économique'

1 - pas du tout d'accord

02.08.02 Justification de la contribution de ma startup

02.09.01 Ma startup contribue à l'objectif 'Industrie, Innovation et Infrastructure'

1 - pas du tout d'accord

02.09.02 Justification de la contribution de ma startup

02.10.01 Ma startup contribue à l'objectif 'Réduction des Inégalités'

1 - pas du tout d'accord

02.10.02 Justification de la contribution de ma startup

02.11.01 Ma startup contribue à l'objectif 'Villes et Communautés Durables'

1 - pas du tout d'accord

02.11.02 Justification de la contribution de ma startup

02.12.01 Ma startup contribue à l'objectif 'Consommation et Production Responsables'

1 - pas du tout d'accord

02.12.02 Justification de la contribution de ma startup

02.13.01 Ma startup contribue à l'objectif 'Lutte contre les Changements Climatiques'

1 - pas du tout d'accord

02.13.02 Justification de la contribution de ma startup

02.14.01 Ma startup contribue à l'objectif 'Vie Sous-Marine'

1 - pas du tout d'accord

02.14.02 Justification de la contribution de ma startup

02.15.01 Ma startup contribue à l'objectif 'Vie Terrestre'

1 -pas du tout d'accord

02.15.02 Justification de la contribution de ma startup

02.16.01 Ma startup contribue à l'objectif 'Paix, Justice et Institutions Efficaces'

1 - pas du tout d'accord

02.16.02 Justification de la contribution de ma startup

02.17.01 Ma startup contribue à l'objectif 'Parteneriats pour la Réalisation des Objectifs'

7 - tout à fait d'accord

02.17.02 Justification de la contribution de ma 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 Un grand nombre de clients utilisent déjà un produit/service très similaire au nôtre.

1 = Pas du tout d'accord

06.02 Notre produit/service représente un type de produit/service entièrement nouveau

7 - Tout à fait d'accord

06.03 Notre produit/service pourrait être décrit comme une nouvelle technologie

7 - Tout à fait d'accord

06.04 Notre produit/service est une amélioration d'un produit ou d'un service existant

7 - Tout à fait d'accord

06.05 Notre produit/service pourrait être décrit comme une extension d'une gamme de produits ou de services

7 - Tout à fait d'accord

06.06 Notre produit/service répond à une demande ou à un besoin qui n'a pas été satisfait par d'autres produits/services.

7 - Tout à fait d'accord

06.07 Notre produit/service est une nouvelle version d'un ancien produit/service

5

06.08 Justification

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 Analyse compétitive

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 Menez-vous des actions au sein de votre communauté pour promouvoir le rôle des femmes 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