Medical aid is incredibly expensive which is why a new fintech solution has caught our eye.

It’s called the Oyi medical card and it’s essentially a savings account but with one key difference: the Oyi card can only be used to pay for medical services.

Oyi is registered with the National Credit Regulator and the Oyi Medical Card is issued in association with Mercantile Bank.

The firm also offers a revolving credit facility up to R1 500 that can be repaid monthly with an interest rate of 1.68 percent per month.

If medical savings is all you’re interested in, there is a R20 administration fee that needs to be paid monthly and a R50 activation fee that you need to pay upon signing up.

Oyi’s three pricing tiers.

“The Oyi medical card enables affordable access to quality healthcare which allows the card holder and their families to seek medical care with dignity. With a social purpose to build healthy communities and sustainable wellness, we make healthcare accessible for everyone,” says chief executive officer at Oyi, Tami Ngalo (pictured).

The firm says that another winning feature of the card is that it’s not restricted to one family member so anybody could visit the doctor providing there are savings/credit available.

The Oyi card works at any medical provider in South Africa and pharmacies where Mastercard is accepted.

The firm is part of the AlphaCode Incubate programme which helps grow early stage financial ventures for Rand Merchant Investments.

“We believe that the Oyi medical card, will support a healthier South Africa and will also help increase a desperately needed savings culture. We are proud to back these entrepreneurs who seek to improve life for others,” head of AlphaCode, Dominique Collett, said.

For more information on the Oyi card, head to the official website.