Oceanic Bank plc has introduced a micro health insurance scheme for holders of its micro savings accounts (OMSA).The bank said the micro health insurance scheme is part of benefits for customers who opened micro savings account with the bank.
Speaking at the launch of the product at Bajulaye market in Shomolu, Lagos, the bank’s customers as well as traders and artisans said it was a laudable initiative that would provide a platform for easy access to qualitative medical services.
The product combines micro-health insurance services with a savings product for micro-finance customers in partnership with Oceanic Health Management Limited. Oceanic Health is structured to provide health care through a network of reputable hospitals strategically located across Nigeria. These health care providers include primary, secondary and tertiary care institutions.
Other benefits of OMSA include dental and optical care with as little as N15, 000.00 per annum for an individual and N45,000.00 for a family of father, mother and four biological children. Customers are allowed to make monthly or quarterly payment if they cannot afford the lump sum at once.
The banks spokesman, Mr. Bethel Obioma said OMSA offers a promising way for current and potential customers to access health care while addressing the need for new methods of health financing targeting the unbanked and under-banked.
According to him, OMSA can be opened with N500 at any Oceanic Bank branch across the nation and gives customers access to micro loans as working capital and asset financing up to N500,000 while also providing them with financial education to manage their cash flows.
One of the holders of OMSA, Mr. Fatai Shittu, a house painter, commended Oceanic Bank for designing the product saying “The bank has been able to explain our weaknesses to us and we are therefore praying for the organization to continue waxing stronger. I have always been depositing my money with the bank and I will continue to do so since the bank meant well for us the low income earners.”
Another holder of OMSA, Mr. Hassan Ojewumi, a meat seller, stated “The thought of Oceanic Bank towards people suffering from poverty is very good. You can imagine how much money we will be spending on healthcare if this kind of initiative by the bank is not available”.
Ojewumi added “We can only say that the bank should not relent in its efforts to eradicate poverty among the populace.”
Also Mrs. Sala Ajani, who deals in jewelries, said the fact that customers are allowed to spread the repayment of loans collected from the bank is commendable.