The 'Blood of Jesus' or 'God forbid'? Choose one.
Don't allow any emergencies wipe away your wealth. Take a stand, now.
Greetings!
The biggest surprise for me recently is how hard it still is at converting people to get health insurance. In Africa, it looks like everyone was born ‘insured’ when you hear them shout ‘God forbid’ and ‘Blood of Jesus’.
Yet, they’re the set of people that goes to the hospital when all else, including self-medication, has failed and they pay out-of-pocket for the medical bills. In context, it is cheaper to buy or subscribe to a health insurance plan than to pay out-of-your-pocket. And health insurance gives you access to quality healthcare because of the healthcare providers on their network.
You’re not tied down to a clinic whose consultation fee is NGN5,000 (~$12) whereas the hospital that charges NGN20,000 (~$50) has more qualified doctors.
In WHO data retrieved in January 2022, the out-of-pocket health expenditure for Nigeria was 70.52% high.
Quick Stats.
WHO estimates that globally over 150 million people incur catastrophic health expenditures while over 100 million are pushed into poverty due to Out-Of-Pocket health payments.
World Health Organization (WHO)
The cost of healthcare is getting more expensive by the day. In Africa where the fx is causing a huge devaluation of our currency combined with the ongoing inflation, it does not look like healthcare is getting cheaper anytime soon.
There’s a reason why governments all over the world are encouraging health insurance but you cannot wait for the government to subscribe to a plan for you, your family and your business.
Unlike auto insurance, it is not yet legally required to pay for a health insurance plan because of the many beliefs, traditions and cultures we have in Africa. But, then using your tongue to count your teeth: “if you have a health emergency today, how much can your savings save you?”
Go beyond the application of the blood of Jesus and rounding your head with your fingers shouting ‘God forbid’. Take charge of your health. Get health insurance.
Samson.
Message from our sponsor - Zaidi (zaidi.com.ng)
Start enjoying quality healthcare with as little as N1,700 monthly. Subscribe to Zaidi Care.
One way to protect yourself from emergencies is to explore insurance. Getting insurance for your health or business gives you peace of mind. For as little as N20,000 per year, you can access quality healthcare. This prevents you from paying out-of-pocket for expensive medical expenses.
Our team at Africa Tech Memo have been using them for over a year and their customer support has been sterling.
Follow their story - Zaidi, early days.
In other news.
SafeBoda retreats from Nigeria to “double down on profitability” in Uganda
After dominating bike-hailing in Ibadan for 2 years, can SafeBoda keep its lead? This is the second time SafeBoda is exiting a market since its founding in 2017. In 2020 SafeBoda exited Kenya after extending its services to Nairobi less than two years prior. The company said it exited Kenya due to the negative effects of COVID-19 on its business. Tech Cabal
Diaspora Critical To African Economic Development – AfDB
The value of remittances from the African diaspora doubled from $37 billion in 2010 to $87 billion in 2019, reaching $95.6 billion by 2021. Yet official development assistance to Africa in 2021 was $35 billion or 36% of the remittances from the diaspora. Egypt and Nigeria are among the top-ten remittance recipients globally, with Egypt receiving $31.5 billion and Nigeria, $19.2 billion, both in 2021. The Will
Africa's population boom may boost economy, global relevance
According to UN projections, the number of Africans will double by 2050 and make up a quarter of the world's population.
"When compared to its past, early 20th century, for example, Africa's population growth is not accelerating, it is actually slowing down, just like the rest of the world," Hippolyte Fofack, chief economist at the African Export-Import Bank, told DW. "What we see is mainly a fast decline in developed nations' population growth rate, with child mortality rates plummeting in Africa." DW
Message from our sponsor - Zaidi (zaidi.com.ng)
Start enjoying quality healthcare with as little as N1,700 monthly. Subscribe to Zaidi Care.
One way to protect yourself from emergencies is to explore insurance. Getting insurance for your health or business gives you peace of mind. For as little as N20,000 per year, you can access quality healthcare. This prevents you from paying out-of-pocket for expensive medical expenses.
Our team at Africa Tech Memo have been using them for over a year and their customer support has been sterling.
Follow their story - Zaidi, early days.
What we are reading.
UK university leaders defend benefits of overseas students
Speech Delivered by Dr Akinwumi A. Adesina President, African Development Bank Group
Airtel, IFC sign $194 million facility to connect millions of Africans to fast internet
About The Briefing.
The Briefing is a quick bite briefing of African tech and business activities trending. The writers’ opinion on one huge trending topic that matters, followed by “In Other News” and “What We Are Reading”
This Briefing by Sam.
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