UK-based Fintech Partners AXA Mansard to Boost Insurance in Nigeria

SympliFi, a United Kingdom-based Fintech company and AXA Mansard, a member of the global leader in insurance and asset management – AXA, have entered into a partnership to offer loan services whilst also providing access to insurance and health care through SympliFi’s digital platform.

A vast majority of Nigerians lack access to credit and health care, which hinders their ability to improve their livelihood.

According to a statement, the SympliFi-AXA Mansard 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.

SympliFi’s first of its kind mobile App enables Nigerians in the diaspora to help their loved ones back home access affordable credit on their own, instead of sending money, by digitally backing the loan.

Though this partnership with AXA Mansard, borrowers on the platform will now also receive the extra benefit of 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 hospitalisation 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 customersin the event that they fall ill.

Maurice Iwunze, the Chief Executive Officer of SympliFi, was quoted as saying, “Access to credit and health care remains out of reach for most Nigerians, so families 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. 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 reimagine the way Nigerians in diaspora support their loved ones back home, beyond remittances.”

Tope Adeniyi, the CEO of AXA Mansard Health Limited, said, “We are delighted to partner with SympliFi to provide both easy access to healthcare and quick loans to Nigerians from the convenience of their mobile phones.

We will continue to innovate and create new products, thereby improving the scope our product offerings, whilst continuously enhancing our service delivery to ensure we always provide our customers with top-notch service to address their needs.”