AlphaCode, the startup incubator from Rand Merchant Investments (RMI), has awarded Oyi Medical Card 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 medical expenses.
Tami Ngalo, CEO of Oyi, said “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”.
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.
Andile Maseko, head of ecosystem development at AlphaCode said, “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, marketing, legal and other business support services, R1 million in grant funding amongst other things.
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.
The AlphaCode Incubate programme has disbursed R30 million in funding to 31 black-owned financial services businesses over the past five years.
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