TymeBank partners with National HealthCare Group to provide quality, affordable medical insurance to South Africans

By TymeBank - 09 March, 2022

App-based offering drastically reduces medical insurance costs, makes private care more accessible

Johannesburg 10th March 2022: TymeBank, one of the world’s fastest growing digital banks, has partnered with National HealthCare Group to bring quality, affordable medical insurance to consumers, through the launch of TymeHealth, an app-based offering that provides medical insurance for as little as R139 a month.

Statistics show that just 8,9 million South Africans* are covered by a medical scheme, with the high costs of contributions making membership of a medical aid unaffordable for most of the population.

Tauriq Keraan, TymeBank CEO says: “Our country has a population of just over 60-million people, and the dire reality is only one in seven South Africans have access to medical aid, and most people cannot afford private healthcare. With TymeHealth, an initiative in collaboration with the National HealthCare Group, we are making it possible for more South Africans to have access to affordable, quality healthcare.”

Dr Reinder Nauta, executive chairman of National HealthCare Group, a provider of choice in the low-income and emerging segments of the healthcare market, agrees. “Medical aid is simply too expensive for most working people, and generally, unless it is included as an employment benefit, is out of reach for the majority. Until such time as the private healthcare sector does its part to remove this very real hurdle, accessibility to private healthcare will remain but a pipedream for many individuals,” he says.

As a medical insurance product, the TymeHealth offering comprises three plans, each designed to cater for different life stages or needs. The plans provide for the needs of underinsured South Africans or those looking for a supplementary day-to-day product to complement their existing hospital plan.

“With the pooling of our shared knowledge to create TymeHealth, the National HealthCare Group and TymeBank have unlocked considerable potential in what has previously been unchartered territory,” comments Dr Nauta.

Consumers wanting to apply for TymeHealth need to do so using the TymeBank app, which means they must sign up as customers. They are then prompted to choose the plan that best meets their needs. Once the application is successful, membership is activated seamlessly through members’ mobile devices and they can then access over 12 000 registered healthcare providers, including GPs, pharmacies, dentists, optometrists, specialists and hospitals countrywide through the extensive National HealthCare Group provider network.

The service is ideal, particularly in times like these, as it gives members an affordable and effective way to connect to a health professional - literally from anywhere.

“Few things can make more of a difference to a person’s comfort and quality of life than having the freedom to easily consult a healthcare professional when needed. This has never been more apparent than during the COVID-19 pandemic when healthcare needs have been at an all-time high,” asserts Dr Nauta.

“Our partnership with National HealthCare Group - with their 27-year track record - into the healthcare space is one where we believe we can make a real difference to people’s lives. Radically bringing down the cost of medical insurance is an industry boon and is a natural evolution for our brand; we are committed to offering affordable, accessible and inclusive products - whether that is transactional banking, access to credit or healthcare - to South Africans across the economic spectrum,” concludes Keraan.

To find out more about TymeHealth visit the TymeBank website, while more information is available on its FAQs. Applications for TymeHealth can be made by downloading the free TymeBank app on the Huawei, Google Play and Apple App store.

*CMS_Annual-Report-2020.21.pdf

ENDS

About TymeBank
TymeBank is currently one of the world’s fastest-growing digital banks, forecasted to hit 4,5M customers at the end of February 2022, three years since launching in February 2019.  The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Recent investors include Tencent, an internet and technology company based in China and CDC Group, the UK’s development finance institution and impact investor.

Others include UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank is a member of the Tyme Group of companies with headquarters in Singapore.

For more information, please visit www.tymebank.co.za.

About National HealthCare Group

National HealthCare is a fully accredited healthcare administrator and managed care organisation focused on providing South Africans with access to healthcare services that can fulfill healthcare needs at the lowest possible cost. A national network of over 12 000 doctors, pharmacies and other providers supported by digital health technology and financial innovation is used to deliver reliable, affordable, and accessible care.

The group has introduced a series of ground-breaking primary healthcare solutions, entrenching itself as the provider of choice in the low-cost and emerging segments of the healthcare market. The oldest companies in the National HealthCare Group have a 26-year track record of providing access to quality, affordable primary healthcare.

For media enquiries, please contact:

TymeBank
Rebecca Cronje, 072 257 8255 or rebecca@aprio.co.za

National Health Care Group
Martina Nicolson 083 631 6647 martina@mnapr.co.za

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