For Nigerians who lack access to credit, insurance and healthcare, good news is here as SimpliFi and AXA Mansard have entered into partnership to deepen access to these facilities.
SympliFi, a UK-based Fintech company, operates a mobile App that enables Nigerians in Diaspora to help their loved ones back home access affordable credit on their own, instead of sending money, by backing the loan digitally.
AXA Mansard is a member of the global leader in insurance and asset management, AXA. Its partnership with SimpliFi is aimed to offer loan services and also provide access to insurance and healthcare through SympliFi’s digital platform.
SympliFi is a financial technology company providing an alternative to remittances, by eliminating the need for money transfers. It enables Diaspora Nigerians around the world to help loved ones back home to access low interest loans, instead of sending money, by providing digital collateral.
The partnership is built on a shared interest in empowering Nigerians to transform their lives and improve their wellbeing, by enabling access to critical financial and health services.
Through this partnership, borrowers on the SimpliFi platform will be receiving the extra benefit of a loan protection insurance to cover them in the event of hospitalization, thereby minimizing the financial impact of unexpected medical emergencies that may affect their ability to repay the loans.
The benefits provided by the unique insurance offering bundled with the loan include hospitalization benefit that covers a portion of the loan payment, a cash payout to help cover hospital costs and a life insurance cover. The goal is to provide financial support and quality healthcare to customers in the event that they fall ill.
“Access to credit and health care remains out of reach for most Nigerians, so family members in the Diaspora end up serving as the bank and insurance company for their loved ones back home. It’s a financial drain on those in the Diaspora, while their loved ones back home continue to be excluded from the financial system, Maurice Iwunze, CEO of SympliFi noted.
We wanted to develop an innovative solution to seamlessly address the problem, in a way that’s a win-win for both sides. The AXA partnership allows us to do so and is a first step in working together to re-imagine the way Nigerians in Diaspora support their loved ones back home, beyond remittances,” he added.
Also speaking on the initiative, Tope Adeniyi, CEO of AXA Mansard Health, said they were delighted to partner with SympliFi to provide both easy access to healthcare and quick loans to Nigerians from the convenience of their mobile phones.