South African fintech company Oyi is changing how ordinary people prepare for unexpected medical expenses including the current Covid-19 pandemic.
The Oyi Medical Card is a medical savings account that is ring-fenced to medical spend and is supported by a secure Mastercard debit card. Their unique technology enables cardholders the discipline to put money aside monthly or as a lump sum towards their family’s healthcare needs and only use these savings for the intended purpose.
These medical savings are protected away from other commitments in the household to ensure availability at the time of a medical event. Although there is no commitment to deposit money every month, cardholders are encouraged to make regular savings in consideration of their family’s healthcare needs.
It’s an innovative savings tool aimed at the uninsured and under-insured who do not have a medical aid or seeking to complement their existing medical aid to empower them to access private healthcare in their own terms.
Unlike medical aids and health insurance, the Oyi Medical Card can be used to pay for any family member or dependent - there are no restrictions on who you may pay for. This benefit came in handy when the Coronavirus pandemic hit our shores.
“ Our cardholders realised priceless value when the Covid -19 pandemic hit our shores. People used their medical savings to buy sanitizers and personal protection equipment to secure and prepare their families against this deadly enemy. Others have certainty and peace of mind that their family’s medical needs will be catered for in the coming weeks as we all navigate this period of uncertainty with jobs and income during and after the Lockdown.” said Tamsanqa Ngalo who founded Oyi in 2017.
Tamsanqa Ngalo, founder of Oyi.
Pic: Supplied
Oyi has seen a 60% spike in the number and value of transactions since the first case of Covid-19 was announced in South Africa. These are people who would ordinarily not have the means and access to fend for themselves without a savings mechanism of this nature.
Easy application and processing:
After completing the online application form your card will be delivered via courier within 5 days.
Money can be loaded onto the card by:
- EFT/Bank transfer (Free).
- Payroll deduction through your Employer (Free).
- Cash deposit at any FNB ATM.
- Flash 1Voucher. Buy the 1Voucher at any Flash outlet (Checkers, Shoprite, Spazas and other retail outlets)
- Monthly debit order.
How secure is it?
Oyi is registered with the National Credit Regulator as a credit provider and is a member of the South African Credit & Risk Reporting Association.
Go to www.oyi.co.za or WhatsApp: 076 084 6513 for more information.