Kenyan fintech startup MaishaPoa is working to address healthcare and financial security gaps in low-and middle-income households by providing relevant, simple, and affordable solutions using mobile technology.
Formed in 2022 by John Paul Otieno (CEO) and Brian Nyakundi (COO), MaishaPoa leverages mobile technology to enhance the efficiency of its processes and maintain strong client relationships.
“We are tapping heavily into human-centered design (HCD) to ensure that our products and processes are responsive to the end user,” Nyakundi told Disrupt Africa.
“Our goal is to insure 1 million first-time health insurance consumers in Kenya over the next five years.”
Ambitious, for sure, but worthy. The Kenyan Constitution guarantees every person the right to the highest standard of healthcare, yet the high cost of healthcare in Kenya remains a major barrier to access, preventing many from receiving quality medical services.
“Currently, only three per cent of the population has any form of insurance coverage, forcing the vast majority to pay for medical expenses out of pocket. Among them, 66 per cent earn an average of just US$300 per month, making healthcare costs prohibitively expensive,” said Nyakundi.
As a result, one in five sick individuals forgo treatment entirely, and approximately 1.5 million people are pushed into extreme poverty each year. Yet Nyakundi says local insurance providers have largely neglected this market.
“MaishaPoa is stepping in to bridge this gap by offering affordable and tailored insurance solutions for the mass market, ensuring more Kenyans can access quality healthcare without financial hardship,” he said.
Maisha Poa is redefining the insurance landscape by prioritising product design, affordability, seamless distribution, and operational efficiency to bridge the gap in healthcare coverage. The startup has secured two grants from SCBF and FSD-Kenya, which supported its research and product development, and has so far covered over 17,000 lives, generated revenues exceeding US$490,000, and paid out claims worth over US$298,000.
“We currently operate in Kenya, where we have solidified our presence through strategic partnerships. While we have yet to enter new markets, we have focused on refining our existing products to deliver greater value to our customers. In the long run, we aim to secure a microinsurance license, which will enable us to introduce innovative insurance solutions and explore potential expansion into other African markets,” Nyakundi said.
The startup monetises via commissions on insurance premiums from partner underwriters, admin fees for policy administration and claims support, and underwriting profits.
