Healthtech Startup CarePay Wins $300K in Entrepreneurs for Resilience Competition, Reveals Expansion Plans for Nigeria’s Healthcare | 23rd July 2020
CarePay, an international health e-payments firm and developer of M-TIBA has won $300,000 in the Entrepreneurs for Resilience competition in Beijing. And with its prize-money the platform has big plans for the health sector in Nigeria.
CarePay wants to use its prize money along with the €40 million it recently raised in the Series A financing round to upgrade its operation systems and software in addition to boosting the number of healthcare providers on its platform.
Importantly, the healthcare enterprise intends to expand local operations in Nigeria and Kenya by organising nationwide sensitisation programmes on Universal Health Coverage.
Founded in 2016, CarePay was launched with an ambition to drive healthcare inclusion across Africa by digitally connecting health players together. Through its platform the brand connects issuers of health insurance, users and healthcare providers so that they can communicate and perform transactions in real time from anywhere with just a mobile device.
CarePay arrived Nigeria in 2018 through the Lagos State Health Management Agency (LASHMA) during the launch of the Lagos State Health Scheme. The east Africa based brand provided an ICT platform that enabled digital exchange by the main stakeholders on the same platform.
CarePay’s efforts towards providing a scalable solution to some of the huge challenges in Nigeria and Kenya’s health sector have been recognised in the past. They won the FT/IFC transformational business awards for Achievement in Sustainable Development, with a focus on Health, Wellness and Disease Prevention in 2017.
Since its launch, the e-wallet CarePay provides through M-Tiba has meant access to quick affordable and quality healthcare in Nigeria.
The e-wallet supports medical funds that are easily replenished with funds sent from family members, employers, donor funding or health insurance. The implication is that the expansion of the company could cater to a large number of residents in Nigeria with no health insurance as the platform provides means to have medical insurance and direct contact with available healthcare providers.