South African fintech start-up Oyi have released their prepaid medical aid savings card.
The purpose of this medical aid savings card is to ensure people can pay for unexpected medical expenses. The idea is that it ensures the money put aside on the card can only be used for medical expenses such as doctors, medical services like x-rays and blood tests as well as to purchase medicines from any pharmacy.
This means people don’t spend their money on other things, leaving them with no way to pay for emergency medical bills.
The small monthly fees range from R20 to R40, with a once-off activation fee and transaction fees. The card works with all doctors and pharmacies that accept Mastercard, as it works more like a debit card than a medical aid.
“Oyi Medical Card gives you the control and flexibility to save with peace of mind that your medical savings may only be used with discipline towards your family’s healthcare needs,” said the Oyi website.
Tami Ngalo, CEO of Oyi, told BussinessTech that the card is aimed at employers who have staff who are not covered by medical aid as it still gives them access to quality healthcare.
The card is registered with the National Credit Regulator and issued in association with Mercantile Bank.
“Quality healthcare is a basic human right…we make it an accessible reality for everyone!” they said.