By Shalom Shawurwa
Engineering Medical Fund (EMF) Medical Aid Society has announced an ambitious turnaround strategy designed to stabilise its finances and propel it toward sustainable growth after weathering a challenging 2024 marked by a 6% revenue decline.
Speaking at the Society’s Annual General Meeting on Tuesday, EMF’s Board of Directors outlined a multi-pronged recovery plan anchored on cost containment, governance reforms, and targeted expansion.
The strategy comes as the organisation grapples with a fragile economic environment — including inflation, exchange rate instability and declining household incomes.
A major highlight of the reforms is EMF’s commitment to adopt International Financial Reporting Standard (IFRS) 17 in 2025 — a move the Society says will enhance financial transparency and align its operations with global best practices.
Chief Executive Officer Mthulisi Ncube said EMF has remained resilient through innovation, citing the 2024 award-winning rollout of its health tech platform “Qalisa” and the AI-powered chatbot “Thando.”
“These tools were not just symbolic wins but offered tangible benefits to members. Thando gives 24/7 support and healthcare information in real time, while our multi-currency system has given members financial breathing room in a high-inflation environment,” said Ncube.
As part of its governance overhaul, EMF is undergoing internal restructuring to boost efficiency and responsiveness.
While management was tight-lipped on potential job losses, member-focused service delivery remains the top priority.
Ncube also revealed the Society is targeting Zimbabwe’s underserved informal sector with new affordable, mobile-friendly health products.
“There’s untapped potential here as the future of healthcare coverage in Zimbabwe lies in affordability, accessibility and digital-first delivery,” he said.
Despite the financial hit, the Society reported an 82% member satisfaction rate, which it attributes to its commitment to empathy, integrity, and innovation.
Independent Board Chair Canaan Dube acknowledged ongoing challenges but remained optimistic.
“The measures we are implementing are not easy but they are necessary. Our mission is to secure the future of EMF not just for today’s members, but for generations to come,” he said.
Dube pointed to key interventions — including a hybrid billing system and US dollar contributions — that have helped shield EMF from currency volatility.
“We are building a leaner, smarter organisation, grounded in ethics, accountability, and strategic vision,” he added.
Founded in 1948, EMF now hopes that its digital shift and focus on inclusivity will secure its place in Zimbabwe’s evolving healthcare landscape.
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