NIGERIA—The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have signed a project preparatory facility agreement to increase MobiHealth’s telemedicine services in Nigeria.
This will be followed by a feasibility assessment of similar programmes in Egypt, Ghana, Kenya, and Côte d’Ivoire.
According to the agreement, Afreximbank will contribute to preparatory operations to expand MobiHealth’s integrated telemedicine platform into four other nations, which was initially piloted in Nigeria.
This plan is expected to quickly build a network of telemedicine clinics throughout Africa, complete with outpatient facilities.
The project preparation facility, worth up to US$1.5 million, is expected to take the project to bankability, potentially unleashing additional investments worth US$65 million.
This financing will hasten the implementation of digital healthcare solutions, improving access, efficiency, and quality of care.
The MobiHealth platform allows local and diaspora medical experts to diagnose and prescribe treatments to patients remotely, minimizing waiting and travel times, helping hard-to-reach people, and removing barriers for underserved communities.
This outcome is remarkable for a female-led firm and emphasises the difficulties that such startups frequently encounter, particularly in obtaining financing.
Afreximbank will also be the project’s designated lead arranger, supervising senior debt syndication.
The Africa Investment Forum (AIF) platform facilitated the MobiHealth deal through its flagship ‘Women as Investment Champions’ campaign.
Afreximbank is one of the AIF’s founding partners, and the AIF was essential in securing a US$1.0 million grant from the US Trade and Development Agency (USTDA) for MobiHealth.
Commenting on the agreement, Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, stated that this initiative will fundamentally reshape healthcare delivery across the continent.
She emphasized the importance of embracing and harnessing digital technology to help member countries progress toward Universal Healthcare Coverage and improve equitable access to quality, affordable healthcare.
Mrs. Awani also expressed Afreximbank’s pleasure in joining USTDA to support the advancement of this impactful health project.
In her address, Dr. Funmi Adewara, Chief Executive Officer and project sponsor of MobiHealth, noted that the signing of this facility agreement marks a significant milestone in MobiHealth’s mission to provide digital healthcare solutions across Africa.
She expressed gratitude for Afreximbank’s support, praising their validation of MobiHealth’s business model and their leadership in supporting quality healthcare provision in Africa.
Mrs. Chinelo Anohu, AIF’s Senior Director, for her part, highlighted the groundbreaking nature of this achievement for a female-led startup, emphasizing the challenges such startups face in accessing financing.
She expressed excitement in supporting MobiHealth alongside Afreximbank, noting that MobiHealth’s innovative mobile health solutions are a game changer for a continent where many lack access to healthcare, particularly the 70% living in rural areas with limited or no access to basic healthcare.
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