Onome Amuge
PalmPay, a leading fintech platform and full-stack digital neobank for emerging markets, has initiated a strategic partnership with AXA Mansard Health, a member of the global AXA Group, to provide digital health insurance to its user base in Nigeria. The collaboration is aimed at tackling the gap in insurance penetration by offering a range of accessible and affordable health plans directly through the PalmPay application.
The partnership is designed to enable PalmPay’s millions of users to enroll in AXA Mansard’s health insurance packages, with plans starting from as low as N500 per month. This move positions PalmPay to expand its financial service offerings beyond payments and credit into a more comprehensive ecosystem that includes micro-insurance, one of the major components of financial security for emerging markets.
Habib Kowontan, head of wealth product at PalmPay, stated the strategic intent behind the move. “Insurance is a key pillar of financial security, yet millions of Nigerians remain underserved. Our partnership with AXA Mansard Health breaks down long-standing barriers by placing reliable and affordable insurance solutions right at our users’ fingertips,” he said.
The digital-first approach provides several flexible options tailored to diverse needs. The AXA Digital Health plan, for instance, offers telemedicine consultations, medication coverage, and surgical benefits. For a slightly higher premium of N1,000 per month, users can opt for the AXA Mansard MicroHealth plan, which includes unlimited diagnostic tests. In addition, an Accident plan, available for N500 monthly, provides death cover for both accidental and non-accidental cases.
Jumoke Odunlami, chief distribution officer at AXA Mansard Insurance, framed the partnership as a major step in her company’s mission to improve health and productivity in Nigeria. She noted that through similar partnerships, AXA Mansard is already covering over 1.8 million Nigerians and expressed excitement about collaborating with PalmPay to expand their reach and complement the financial services it offers.
