Business & Money
Jubilee & DTB Launch Flexible Health Insurance Payment Solution
With flexible payment options and instant digital access, Jubilee Health and DTB are creating a new model for health insurance in Kenya. This approach not only sets them apart in the local market but also shows how innovative digital solutions can drive inclusivity, moving Kenya closer to countries with higher insurance penetration rates.
: Jubilee Health and DTB introduce ‘Lipa Polepole’ for flexible, affordable health insurance payments in Kenya, making coverage accessible to more people.
By Charles Wachira
In a move to boost healthcare accessibility in Kenya, Jubilee Health Insurance, in partnership with Diamond Trust Bank (DTB), October 28,introduced “Lipa Polepole” (Pay Slowly), a digital payment solution that allows customers to pay health insurance premiums in flexible installments.
This new offering enables a larger segment of the Kenyan population to access essential health coverage without the barrier of upfront payments, addressing one of the biggest affordability challenges in Kenya’s health insurance landscape.
With a health insurance penetration rate hovering around 3%, Kenya trails significantly behind other African nations like South Africa, which has an insurance penetration rate exceeding 12%, and Namibia at approximately 8%.
This low uptake in Kenya highlights a pressing need for more accessible, flexible, and affordable insurance solutions—needs that Jubilee’s “Lipa Polepole” directly addresses.
Meeting Demand for Flexibility in Digital Payments
For many Kenyans, the traditional model of paying an annual insurance premium in a single, large installment has long been financially prohibitive, especially for rural and lower-income households.
Through “Lipa Polepole,” Jubilee Health Insurance and DTB are pioneering a pay-as-you-go model that allows customers to choose payment plans that suit their budgets and needs.
This solution also sets Jubilee and DTB apart in the insurance sector, where most competitors still rely on fixed, rigid payment structures that do not account for cash-flow variations in households.
Jubilee Health Insurance’s CEO, Njeri Jomo, emphasizes the potential impact:
“This innovation is a game-changer for the industry. We understand that today’s customers need flexibility, convenience, and affordability. Our solution delivers all of these, allowing them to get the coverage they need without the burden of upfront payments. This milestone reflects our commitment to making healthcare accessible to everyone, regardless of their financial situation.”
In comparison, most of Kenya’s digital payment solutions in insurance remain limited to premium reminders or basic mobile payments without installment flexibility.
Unlike M-Pesa, which powers a wide range of digital payments in Kenya but is not integrated into any specific health insurance installment plan, “Lipa Polepole” offers an end-to-end solution with installment-based payments that adapt to users’ financial capacity.
Addressing Catastrophic Healthcare Costs with Seamless Digital Infrastructure
According to the Kenya Demographic and Health Survey (KDHS) 2022, around 20% of Kenyans are without any health insurance, while nearly 30% face catastrophic healthcare costs due to the burden of upfront medical expenses.
These statistics underscore a significant gap in healthcare coverage and highlight the need for innovative insurance solutions like “Lipa Polepole” to relieve financial strain on individuals and families.
The integration with DTB also brings a smooth, reliable financial infrastructure to manage installment payments through a secure, user-friendly digital platform.
DTB Group Chief Executive Nasim Devji highlighted the bank’s focus on accessibility and financial inclusion:
“We are proud to collaborate with Jubilee Health Insurance on this transformative solution, which directly addresses the challenge of affordability in health insurance. We are committed to driving financial inclusion by offering flexible payment options that make it easier for more Kenyans to access essential healthcare services. This partnership allows us to leverage our financial expertise to provide solutions that reduce the financial burden on individuals and families, ensuring that health coverage is within reach for a larger portion of the population,” said Nasim
Real-Time Access to Health Insurance: A New Era in Kenya’s Health Sector
Beyond affordability, the “Lipa Polepole” solution leverages advanced technology for real-time approval, meaning customers can activate their health cover instantly through a digital platform without the paperwork or lengthy approval times that characterize traditional insurance processes.
This instantaneous access is another layer of convenience that aligns with Kenya’s tech-savvy and mobile-first population.
By combining flexible payment options with instant digital access, Jubilee Health and DTB are establishing a new model for health insurance in Kenya.
This approach not only stands out in the local insurance market but also demonstrates how innovative digital solutions can enhance inclusivity, positioning Kenya closer to countries with higher insurance penetration rates.
Ultimately, the launch of “Lipa Polepole” represents a forward step for Kenya’s insurance sector, potentially setting the standard for how financial and insurance providers can collaborate to bridge the gap in healthcare access across Africa.
Keywords:Jubilee Health Insurance:DTB Kenya:flexible insurance payments:health insurance Kenya:Lipa Polepole
: KCB Group reports Sh44.5B ( US$ 342.31) nine-month profit, outpacing
Equity Bank. Learn about its 49% growth, challenges, and stock performance this
year.
KCB Group Plc has outperformed Equity Bank to cement its position as Kenya’s leading
lender, posting a net profit of Sh44.5 billion for the nine months ending September
This represents a 49% year-on-year growth, surpassing Equity Bank’s Sh37.5
billion profit during the same period.
Profit Growth Driven by Core Business Performance
The remarkable profit growth was fueled by higher earnings from both interest and non-
interest income streams. KCB’s diverse revenue base has been pivotal in maintaining
its dominance in the competitive banking sector.
Non-Performing Loans a Key Concern
Despite the impressive profit growth, KCB’s non-performing loan (NPL) ratio rose to
18.5%, compared to 16.5% last year. This increase highlights persistent challenges in
managing credit risk, with Chief Financial Officer Lawrence Kimathi acknowledging it as
a “pain point” for the bank.
KCB Stock Outshines Peers on NSE
KCB’s strong financial performance has translated into exceptional stock market results.
The bank’s stock has risen 78.8% year-to-date, making it the best-performing banking
stock on the Nairobi Securities Exchange (NSE).
Plans to Sell National Bank of Kenya
Earlier this year, KCB announced plans to sell its struggling subsidiary, National Bank of
Kenya (NBK), to Nigeria’s Access Bank. While Nigerian regulators have approved the
deal, it is still awaiting clearance from Kenya’s Central Bank. The sale aims to
streamline KCB’s operations and address losses at NBK.
CEO Paul Russo Optimistic About Year-End Performance
“The journey has not been without its hurdles, but our ability to walk alongside our
customers has driven our success,” said KCB CEO Paul Russo. He expressed
confidence in closing the year on a high note, leveraging improving economic conditions
across the region.
Key Figures at a Glance
● Net Profit: Sh44.5 billion (+49%)
● Non-Performing Loan Ratio: 18.5% (up from 16.5%)
● Stock Performance: +78.8% year-to-date
KCB’s strong performance underscores its resilience in navigating challenges and its
commitment to sustaining growth in Kenya’s banking sector.
Business & Money
Top 10 Kenyan banks by total assets as of 2023, based on data from the Central Bank of Kenya:
KCB Bank Kenya Limited
Total Assets: KSh 1.425 trillion
Market Share: 17.4%
Equity Bank Kenya Limited
Total Assets: KSh 1.004 trillion
Market Share: 12.2%
NCBA Bank Kenya PLC
Total Assets: KSh 661.7 billion
Market Share: 9.2%
Co-operative Bank of Kenya
Total Assets: KSh 624.3 billion
Market Share: 8.8%
Absa Bank Kenya PLC
Total Assets: KSh 520.3 billion
Market Share: 6.6%
Standard Chartered Bank Kenya
Total Assets: KSh 429.3 billion
Market Share: 5.9%
Stanbic Bank Kenya
Total Assets: KSh 449.6 billion
Market Share: 5.8%
I&M Bank Limited
Total Assets: KSh 405.6 billion
Market Share: 5.4%
Diamond Trust Bank Kenya
Total Assets: KSh 399.6 billion
Market Share: 5.3%
Bank of Baroda (Kenya) Limited
Total Assets: KSh 201.9 billion
Market Share: 2.8%
These rankings illustrate the dominance of large Tier 1 banks, which collectively control over
76% of the market share. Strategic expansions, increased deposit mobilisation, and robust
lending practices underpin the sector’s strong performance
: Vasundhara Oswal, daughter of industrialist Pankaj Oswal, faces serious
charges in Uganda. The Oswals call for UN intervention amid claims of corporate
jealousy.
Vasundhara Oswal, the 26-year-old daughter of prominent Swiss-Indian industrialist
Pankaj Oswal, has found herself at the centre of a legal storm in Uganda.
Her father, a well-established business figure, is known for his diverse investments,
most notably a $150 million ethanol plant in Uganda.
This plant, the largest of its kind in East Africa, is a key part of Oswal’s broader strategy
to invest in industrial and eco-friendly solutions in the region. The facility produces extra-neutral alcohol (ENA), which is used in the beverage, cosmetics, and pharmaceutical industries.
It is recognised for its modern technology and sustainable practices, such as zero liquid
discharge, emphasising the Oswal family’s commitment to both industrial growth and
environmental responsibility.
In addition to the ethanol plant, Pankaj Oswal has made strategic investments across
various industries, including petrochemicals, agriculture, and real estate.
His ventures reflect a global reach, extending to Australia and India, where he has
been involved in industries ranging from agriculture to renewable energy.
His diversified business approach and commitment to sustainability have made him a prominent figure in international business. However, in October 2024, the family’s legacy was overshadowed by the legal troubles surrounding Vasundhara Oswal.
She was detained on October 1, 2024, after being accused of involvement in the
alleged murder of Mukesh Menaria, a former employee who had worked with the
Oswals since 2017.
Menaria had accused the family of harassment but later testified under oath that they
had not harmed him Despite this, charges of kidnapping and murder were brought against Vasundhara.
Her family has strongly denied these allegations, claiming that the charges are
politically motivated and part of a larger conspiracy orchestrated by their business rivals
in collaboration with corrupt officials in Uganda.
The Oswals have appealed to the United Nations, seeking intervention and asserting
that the legal proceedings against Vasundhara are unlawful. Vasundhara has actively managed the family business throughout her career, especially the ethanol plant, and led the company’s sustainable initiatives.
Beyond her business involvement, she has also been an advocate for community
welfare and mental health, further cementing the Oswal family’s reputation for corporate
social responsibility.
The unfolding legal drama has raised important questions about the intersection of
business, politics, and the legal systems in Uganda.
While the Oswal family’s ventures reflect a blend of industrial innovation and social
responsibility, the legal challenges Vasundhara faces have cast a shadow over their
business empire, highlighting the complex dynamics at play in East Africa.
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