FinTech: Hadiel Coop Wins Equity Investment From Qatar Development Bank

September 13, 2023 | FinTech, News

Hadiel is an insur-tech company deconstructing healthcare plans into micro-sized plans for the low-to-middle income populace within a shared economy. It is helping to protect the uninsured and underinsured across Africa by leveraging technology using a coop model.

Qatar Development Bank (QDB) has made a significant investment in Hadiel Coop, a move that holds great promise for empowering a health-sharing concept aimed at households, communities, and gig-workers. In today’s challenging economic landscape, characterized by inflation, unemployment, and soaring healthcare costs, accessing essential healthcare has become increasingly difficult. This problem is particularly acute in emerging economies like Nigeria, where a lack of funding often leads to unmanaged health crises or reliance on friends and family during medical emergencies.

The informal economy, which constitutes a substantial portion, roughly 60-65%, of the workforce, faces significant barriers, as it is traditionally excluded from insurance coverage. Hadiel Coop, with the backing of Qatar Development Bank, the Qatar Fintech hub, and Qatar Financial Centre, is addressing this issue by creating a health-sharing economy driven by innovative technology. (

Through this partnership, Hadiel Coop plans to expand its reach, improve member acquisition strategies, and offer a digital web-based application for subscribers to track and share healthcare expenses. This investment aligns with Hadiel’s mission to provide health protection benefits to gig-workers, communities, and the informal sector, offering them an easier alternative for accessing essential healthcare.

Co-founder and CEO Tunde Salako emphasized the potential of the partnership to benefit the informal sector. Co-founder and CCO Osi Akpene said this was an opportunity to expand into the GCC region while gaining valuable insights.

The Qatar Financial Centre is also providing support, including insights from experts like Lars Gerhmann, Head of QIC DVP, to deepen market penetration.

Hadiel Coop’s innovative approach to communal health protection, combined with strategic partnerships, aims to alleviate the burden of skyrocketing medical costs for households and communities. Qatar Development Bank’s support is vital in fostering economic growth in Qatar by backing emerging businesses and promoting innovation, while the Qatar Fintech Hub plays a key role in nurturing fintech startups and positioning Qatar as a regional fintech hub.

Related Story:  Mastercard Buys Stake In MTN’s Fintech Unit For Undisclosed Amount

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