Pecan Bank: Driving prosperity through savings, health insurance and financial education
A recent study found that lack of health insurance increases the risk of financial hardship by 30%. At Pecan Bank, we believe financial security and quality healthcare are inseparable. Our mission is to empower 500,000 individuals and communities to achieve financial stability, and we recognise that lack of access to affordable healthcare can undermine that goal.
We envision a world where everyone with a bank account has access to quality and affordable healthcare services. This vision is rooted in the understanding that unexpected medical emergencies can rapidly devastate hard-earned income, leaving individuals and families in a precarious financial situation. By providing accessible healthcare solutions, we aim to protect people’s incomes, savings as well as investments while ensuring that they can weather health-related challenges without compromising their financial well-being.
Our approach is to educate people on how to make the most of their money through financial literacy; encourage savings by creating bespoke savings solutions and advisory for our valued customers; and protect their physical well-being by reducing barriers to quality healthcare. We believe in empowering our customers with the tools and knowledge they need to live a fulfilling life.
In Nigeria, millions of people lose hundreds of thousands of naira annually due to out-of-pocket medical expenses for themselves and their loved ones. This financial burden not only strains household budgets but also perpetuates a cycle of poverty and ill health. We recognize the urgent need to address this issue and provide sustainable solutions that can improve the overall quality of life for our customers and their communities.
One of the primary health challenges facing Nigeria is the low life expectancy rate and the high prevalence of malaria. While organisations such as the World Health Organisation (WHO), the Bill & Melinda Gates Foundation, and various NGOs have made commendable efforts to combat malaria, there is still a pressing need for concerted and sustained efforts to reduce the barrier to fighting this devastating disease.
At Pecan, we are committed to developing a product that caters to the unique needs of underserved individuals while also providing a comprehensive solution for pre-existing health insurance subscribers. Our focus is on addressing basic health needs, ensuring that no one is left behind in the pursuit of quality healthcare.
We believe that by providing accessible and affordable healthcare solutions, we can promote financial security and also contribute to the overall well-being of our customers and their communities in general. Through education, responsible saving practices, and innovative products, we aim to empower individuals to take control of their health and financial futures.
Learn more about our savings accounts and our micro-health insurance products here. Together, we can build a healthier and more prosperous Nigeria.
References
Odonkor SNNT, Koranteng F, Appiah-Danquah M, Dini L. Do national health insurance schemes guarantee financial risk protection in the drive towards Universal Health Coverage in West Africa? A systematic review of observational studies. PLOS Glob Public Health. 2023 Aug 9;3(8):e0001286. doi: 10.1371/journal.pgph.0001286. PMID: 37556426; PMCID: PMC10411819.
Bolongaita, S., Lee, Y., Johansson, K.A. et al. Financial hardship associated with catastrophic out-of-pocket spending tied to primary care services in low- and lower-middle-income countries: findings from a modeling study. BMC Med 21, 356 (2023). https://doi.org/10.1186/s12916-023-02957-w
Choi, Sunha. “Experiencing Financial Hardship Associated With Medical Bills and Its Effects on Health Care Behavior: A 2-Year Panel Study.” Health Education & Behavior, vol. 45, no. 4, 2018, pp. 616–24. JSTOR, https://www.jstor.org/stable/48615158. Accessed 1 Mar. 2024.
Peng, Z., Zhu, L. The impacts of health insurance on financial strain for people with chronic diseases. BMC Public Health 21, 1012 (2021). https://doi.org/10.1186/s12889-021-11075-2
