Opportunity Bank, Turaco Launch ‘Opportunity Sanyu’ Micro Medical Cover to Boost Health Access

In a bid to address the low insurance penetration and rising out-of-pocket healthcare expenses in Uganda, Opportunity Bank Uganda has partnered with micro insurance provider Turaco to launch ‘Opportunity Sanyu, a micro medical cover product designed to cushion Ugandan families against medical and bereavement-related financial shocks.

The product, unveiled in Kampala, is a game-changing move in the country’s financial and health sectors, offering affordable, accessible micro insurance directly embedded into Opportunity Bank’s savings accounts.

“We started our partnership with Turaco in February 2024. After doing a survey to understand customer needs, we are proud to unveil a micro medical insurance product tailored for both outpatient and inpatient care,” said Emily Nanono, Insurance Principal Officer at Opportunity Bank.

With health insurance uptake in Uganda still under 2%, according to industry estimates, many Ugandans are forced to dip into their savings or take loans to meet medical bills. This often derails long-term goals like paying school fees or expanding businesses.

Opportunity Sanyu seeks to reverse that trend by offering monthly insurance packages starting from as low as Shs 2,000. The product provides, Hospital cash benefits** of up to Shs 1 million annually, Funeral covervranging from Shs 500,000 to Shs2 million.

“Who knew that with just 2,000 shillings, someone can access medical cover? This is a big step forward. People can now live with peace of mind, knowing someone has their back during illness,” noted Amos Bonna, Chief Relationship Officer at Opportunity Bank.

The product name, ‘Sanyu’, meaning “joy” or “happiness” in Luganda, represents the peace of mind and financial relief it brings to families during health emergencies or loss.

“This is not just a product launch, it marks the beginning of our journey toward becoming market leaders in micro medical insurance in Uganda,” Bonna added.

The product is also designed with simplicity in mind with no lengthy insurance sign-up processes.

Customers only need to have a savings account with Opportunity Bank to automatically benefit from the embedded coverage.

Owen Amanya the Opportunity Bank CEO Uganda, emphasised that ‘Opportunity Sanyu’ aligns with the bank’s mission to build resilience among its clients.

“We want our customers to stay on track with their dreams even when sickness or loss strikes. This product means their savings remain intact during life’s hardest moments,” Amanya said.

The move reflects a growing trend in embedded insurance, where insurance is integrated seamlessly into other financial products to reach underserved populations.

“Together with Opportunity Bank, we’re bringing dignity and financial stability to households across Uganda,” said Cedrick Todwell, Director of Business Development at Turaco.

“Since 2019, Turaco has insured over 4 million people across Uganda, Kenya, Nigeria, and Ghana, and over 1 million lives in Uganda alone.”

Opportunity Bank Uganda is a licensed financial institution regulated by the Bank of Uganda, offering diverse financial services to individuals and businesses.

Turaco, a pan-African insurtech company, provides simple, affordable micro insurance solutions tailored for emerging markets. Turaco has been operating in Uganda for three years and has over 1 million clients in the country, with a growing footprint in Ghana and Zimbabwe.