Bob van Dijk has R65 Billion in Cash. The Boss of Prosus is Hunting for Buys

There is no doubt that Bob van Dijk, the CEO of Prosus, wants to make a big acquisition. The Dutch arm of South African...

Latest Posts

Running With Scissors: What The Innovators Do Best

The world of managed services has seen a radical revolution from the old ways of working to the new to support dramatic and iterative...

When You Can Pre-Order The iPhone 12 Mini, iPhone Pro Max at Vodacom

Vodacom announced on Wednesday that pre-orders for new Apple iPhone 12 family, including iPhone 12 Pro, iPhone 12 Pro Max, iPhone 12, and iPhone...

Telkom Launches A WhatsApp-Based Digital Wallet, Telkom Pay

Telkom today announced the launch of a digital wallet officially dubbed Telkom Pay Digital Wallet or Telkom Pay. The company said Telkom Pay allows users...

A Laptop And A Sea View. What’s Behind The Semigration Trend?

By Andrea Tucker South Africans are increasingly looking to greener pastures within our country’s borders in search of a better quality of life away from...

AlphaCode Awards R450 000 To Healthcare FinTech Oyi Medical Card

Rand Merchant Investments (RMI) startup incubator AlphaCode has taken another step to find the next unicorn in financial services when it chose Oyi Medical Card and awarded it R450 000 at its first virtual demo day.

Oyi is one of seven startups that were awarded entrepreneurial packages valued at R2 million each in 2019 as part of AlphaCode’s Incubate programme.

The Oyi Medical Card is a savings card that can only be used for medical expenses and is supported by secure payments technology. Holders use this card to save for medical expenses. It removes the temptation to use the money for other purposes because it can only be used to pay for doctors, medical services such as x-rays, blood tests and medicine.

According to Tami Ngalo, CEO of Oyi, “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.”

Oyi logo
Oyi logo

Ngalo spent most of his childhood visiting state hospitals in the former homelands of South Africa and after experiencing the public health system in the UK and spending a few years working in IT at a bank, Ngalo decided to launch a medical card that enables affordable access to quality healthcare.

“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,” he says.

Covid-19 forced Oyi to review how it works. “At the beginning of the pandemic, we were at 50-60% human interaction when we would actively seek customers. Then Covid-19 struck and suddenly everyone was at home. We thought of a different way to approach people who were at home on their phones. We ramped up our spending on digital marketing and now we are 100% digital. We also increased our turnaround time for onboarding new clients from between five and seven days to one day.

Andile Maseko, head of ecosystem development at AlphaCode says that 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. ”

The Incubate cohort of which Ngalo was a part, offered entrepreneurial packages included a year of mentorship, expert-led monthly masterclasses, office space in Sandton, marketing, legal and other business support services, access to RMI’s extensive network of thought leaders, potential clients and capital, as well as R1 million in grant funding.

Incubate awards entrepreneurial packages to South Africa’s most promising financial services startups through AlphaCode with the support of BofA Securities (previously Bank of America Merrill Lynch) and Royal Bafokeng Holdings.

Applications are now open until Monday, 26 October 2020 for the next AlphaCode Incubate programme.

The Incubate programme has disbursed R30 million in funding to 31 black-owned financial services businesses over the past five years.

Latest Posts

Running With Scissors: What The Innovators Do Best

The world of managed services has seen a radical revolution from the old ways of working to the new to support dramatic and iterative...

When You Can Pre-Order The iPhone 12 Mini, iPhone Pro Max at Vodacom

Vodacom announced on Wednesday that pre-orders for new Apple iPhone 12 family, including iPhone 12 Pro, iPhone 12 Pro Max, iPhone 12, and iPhone...

Telkom Launches A WhatsApp-Based Digital Wallet, Telkom Pay

Telkom today announced the launch of a digital wallet officially dubbed Telkom Pay Digital Wallet or Telkom Pay. The company said Telkom Pay allows users...

A Laptop And A Sea View. What’s Behind The Semigration Trend?

By Andrea Tucker South Africans are increasingly looking to greener pastures within our country’s borders in search of a better quality of life away from...

Don't Miss

Capitec Introduces All-In-One ‘Scan to Pay’ (QR code) Functionality

Capitec, South Africa’s largest digital bank, has launched its QR code payment functionality in their new app. The ‘Scan to Pay’ offering can be...

Vodacom to Halve Its Carbon Footprint by 2025

Vodacom - which generates less than 2 metric tons of carbon per terabyte of data a year - says it plans to halve its...

Takealot.com, M-Pesa and Jumia Join BCG’s Top 100 Tech Challengers

Safaricom’s mobile money service M-Pesa, Nigeria’s e-commerce sites Jumia and South Africa’s Takealot.com are picked as 100 tech challengers by global management firm Boston...

MTN Increases Stake in Mobile Micro-Insurance Firm aYo

MTN, Africa’s largest mobile phone group, has increased its shareholding in mobile-micro-insurance firm aYo through acquisition of additional shares. In 2017, South Africa’s third-biggest insurer Momentum...

SA Taxi Teases the Idea of Creating a Minibus Taxi Bank

Transaction Capital, the owners of SA Taxi, on Tuesday gave us an idea about how the JSE-listed group wants to bring banking to the...
[tdn_block_newsletter_subscribe title_text=”Stay in touch” description=”VG8gYmUgdXBkYXRlZCB3aXRoIGFsbCB0aGUgbGF0ZXN0IG5ld3MsIG9mZmVycyBhbmQgc3BlY2lhbCBhbm5vdW5jZW1lbnRzLg==” input_placeholder=”Email address” tds_newsletter2-image=”5″ tds_newsletter2-image_bg_color=”#c3ecff” tds_newsletter3-input_bar_display=”row” tds_newsletter4-image=”6″ tds_newsletter4-image_bg_color=”#fffbcf” tds_newsletter4-btn_bg_color=”#f3b700″ tds_newsletter4-check_accent=”#f3b700″ tds_newsletter5-tdicon=”tdc-font-fa tdc-font-fa-envelope-o” tds_newsletter5-btn_bg_color=”#000000″ tds_newsletter5-btn_bg_color_hover=”#4db2ec” tds_newsletter5-check_accent=”#000000″ tds_newsletter6-input_bar_display=”row” tds_newsletter6-btn_bg_color=”#da1414″ tds_newsletter6-check_accent=”#da1414″ tds_newsletter7-image=”7″ tds_newsletter7-btn_bg_color=”#1c69ad” tds_newsletter7-check_accent=”#1c69ad” tds_newsletter7-f_title_font_size=”20″ tds_newsletter7-f_title_font_line_height=”28px” tds_newsletter8-input_bar_display=”row” tds_newsletter8-btn_bg_color=”#00649e” tds_newsletter8-btn_bg_color_hover=”#21709e” tds_newsletter8-check_accent=”#00649e” embedded_form_code=”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” descr_space=”eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjE1In0=” tds_newsletter=”tds_newsletter3″ tds_newsletter3-all_border_width=”0″ btn_text=”Sign up” tds_newsletter3-btn_bg_color=”#ea1717″ tds_newsletter3-btn_bg_color_hover=”#000000″ tds_newsletter3-btn_border_size=”0″ tdc_css=”eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjAiLCJiYWNrZ3JvdW5kLWNvbG9yIjoiI2E3ZTBlNSIsImRpc3BsYXkiOiIifSwicG9ydHJhaXQiOnsiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdF9tYXhfd2lkdGgiOjEwMTgsInBvcnRyYWl0X21pbl93aWR0aCI6NzY4fQ==” tds_newsletter3-input_border_size=”0″ tds_newsletter3-f_title_font_family=”445″ tds_newsletter3-f_title_font_transform=”uppercase” tds_newsletter3-f_descr_font_family=”394″ tds_newsletter3-f_descr_font_size=”eyJhbGwiOiIxMiIsInBvcnRyYWl0IjoiMTEifQ==” tds_newsletter3-f_descr_font_line_height=”eyJhbGwiOiIxLjYiLCJwb3J0cmFpdCI6IjEuNCJ9″ tds_newsletter3-title_color=”#000000″ tds_newsletter3-description_color=”#000000″ tds_newsletter3-f_title_font_weight=”600″ tds_newsletter3-f_title_font_size=”eyJhbGwiOiIyMCIsImxhbmRzY2FwZSI6IjE4IiwicG9ydHJhaXQiOiIxNiJ9″ tds_newsletter3-f_input_font_family=”394″ tds_newsletter3-f_btn_font_family=”” tds_newsletter3-f_btn_font_transform=”uppercase” tds_newsletter3-f_title_font_line_height=”1″ title_space=”eyJsYW5kc2NhcGUiOiIxMCJ9″]