Aella Credit CEO on how to drive credit for health care insurance in Nigeria

Nigeria's Senate Committee on Health has made strides with the Health Insurance Authority Bill, focusing on maternal and child health and public service delivery. The bill is now before the House of Representatives for consideration. As the conversation on access to credit for health care insurance gains momentum in Nigeria, Akinola Jones, the Co-Founder and CEO of Aella Credit, shares insights on driving credit for health care insurance in the country. The drive to push for credit in health insurance in Nigeria stems from a critical observation by Aella Credit. About 25 to 30% of their customers borrowed money for medical expenses, highlighting gaps in health care access. The key barriers identified were trust, access, pricing, and education. To address these challenges, Aella Credit partnered with Hygia, a leading health insurance provider in West Africa. Leveraging technology, they aimed to make health insurance more accessible and affordable. Their platform's user trends revealed a growing interest in health insurance among individuals aged 35 and below, showcasing the potential to expand coverage. Aella Credit's efforts to enhance health care access coincided with a $10 million debt financing round earlier in the year. Despite the pandemic's impact on payments, they diversified their services to assist users facing financial strains. The focus shifted to creating a resilient platform that not only offered loans but also facilitated bill payments and insurance purchases. With a constant drive for innovation, Aella Credit navigated the challenging landscape and continued to serve the evolving needs of its users. Government regulations play a pivotal role in shaping Nigeria's health sector. The proposed Health Insurance Authority Bill signals progress in extending coverage, particularly to those in the informal sector. Aella Credit views collaboration between private players and the government as crucial for improving health insurance penetration rates beyond the current 5%. By leveraging data and technological capabilities, private companies can bridge the gap and enhance coverage for underserved populations. Aella Credit emphasizes the need for a collective effort to drive innovation and ensure broader health insurance access nationwide. In addition to expanding health care access, Aella Credit is venturing into blockchain-based lending markets. This strategic move aims to tap into global capital flows and enhance transparency in loan transactions. By leveraging blockchain technology, Aella Credit seeks to establish a secure and auditable network for credit records. The vision is to create a robust system that fosters trust among funders and borrowers while streamlining lending processes. The blockchain initiative aligns with Aella Credit's commitment to innovation and sustainable financial solutions for its customers. As Nigeria navigates the complexities of health insurance and credit accessibility, Aella Credit remains steadfast in its mission to drive positive change in the country's health sector. By leveraging technology, data analytics, and strategic partnerships, Aella Credit is paving the way for a more inclusive and efficient health insurance landscape in Nigeria.