M-TIBA, a mobile health platform run by Kenya-based healthtech startup CarePay, is shutting down its My Health Funds (MHF) wallet that lets customers set aside money specifically for healthcare.
On April 8, users began receiving refunds directly into their M-PESA wallets without initiating withdrawals, indicating payouts are already underway. Five M-TIBA users confirmed to TechCabal that they had received the funds.
The decision marks a shift in M-TIBA’s model, from a consumer health savings wallet to an insurance management platform. The move, however, leaves users who depended on the service to set aside small amounts for care without a clear alternative for planning or paying for treatment.
CarePay declined to comment for this story.
M-TIBA first informed users on March 3 via SMS and its website that the MHF wallet would be discontinued, stating that access to insurance benefits on the platform would remain unchanged.
Users were asked via SMS to withdraw their balances via USSD or receive M-PESA refunds by March 8, 2026. M-TIBA also said it would process refunds using verified details, with any unresolved balances sent to the Unclaimed Financial Assets Authority, the government agency that holds unclaimed funds until owners come forward.
Refunds began on April 8, and users who had not withdrawn their balances by the March 8 deadline received their wallet savings automatically.
On its website, CarePay said withdrawals would be free, and funds would remain safe, but did not fully explain why the savings product is being retired.
“M-TIBA has some exciting updates on how we’re evolving to better serve you and millions of others,” the company said on its website, without providing further detail.
Launched in 2015, M-TIBA built its early momentum on the idea of ringfencing healthcare funds so they cannot be spent elsewhere. The MHF wallet allowed individuals, employers, and donors to allocate money strictly for medical use across a network of providers. It provided an option for users who could not afford insurance but wanted a structured way to save for care.
CarePay said on its website it will focus on “improving health insurance management,” pointing to a model where insurers and partners drive usage rather than individual savings.
“Since we launched the M-TIBA wallet, we’ve helped many people save and access healthcare, and thanks to your trust, we’re growing into something even bigger and better,” CarePay said on its website. “That’s why we aim to focus on improving health insurance management to ensure more people get access to more affordable healthcare and a better experience.”
CarePay has not disclosed how many users are affected, the total value of refunds, or how many accounts may be transferred to the Unclaimed Financial Assets Authority due to failed verification. It has not outlined clear alternatives for users who cannot transition to insurance products. The shutdown follows scrutiny in 2025 after a cyber attack exposed user data, as reported by TechCabal. M-TIBA said it will delete personal data once MHF accounts are closed, in line with its privacy policy. It has yet to disclose whether the decision is linked to security, compliance, or cost pressures.