South African e-health startup Oyi has been awarded ZAR450,000 (US$27,000) in grant funding after taking part in the virtual demo day that marked the end of the AlphaCode Incubate programme.
AlphaCode is the Rand Merchant Investment Holding (RMI) incubation, acceleration and investment vehicle that identifies, partners and grows early-stage financial service ventures.
Its Incubate programme has disbursed ZAR30 million (US$1.8 million) in funding to 31 black-owned financial services businesses over the past five years, and it has now added Oyi to that list.
Oyi is one of seven startups that were accepted into the Incubate programme last year. The startup has developed a savings card that can only be used for medical expenses and is supported by secure payments technology. Holders use the card to save for medical expenses.
“The card is primarily aimed at employers whose staff are not covered by medical aid. It also encourages a culture of saving and responsible financial practices. Unlike medical aid schemes or health insurance, the cardholder can use it to pay for medical services for any household member or dependent. The card works at any medical provider in South Africa where MasterCard is accepted,” said Tami Ngalo, chief executive officer (CEO) of Oyi.
“Cardholders and their families can seek medical care with dignity. We are making healthcare accessible to everyone with a social purpose to build healthy communities and sustainable wellness.”
Andile Maseko, head of ecosystem development at AlphaCode, said the Oyi Medical Card will support a healthier South Africa and help to increase a desperately needed savings culture.
“The judges said that Oyi demonstrated good traction over the programme given the available resources and adapted well to the new environment. Overall, they were impressed with Ngalo’s professionalism and ability to address their questions raised during the Q&A and believe he is solving a real market need,” he said.
