The African Export-Import Bank, Afreximbank, and MobiHealthCare Limited, MobiHealth, have signed a project preparation facility agreement to booster the expansion of Mobihealth’s telemedicine services in Nigeria.
This is contained in a statement issued by Vincent Musumba, Media Relations Manager, African Export-Import Bank, Afreximbank, on Tuesday.
Musumba said the agreement would also assess the feasibility of establishing similar services in Egypt, Ghana, Kenya, and Cote d’Ivoire.
He said under the terms of the agreement, Afreximbank would part-finance project preparatory activities that would leverage MobiHealth’s successfully integrated telemedicine proprietary platform, initially piloted in Nigeria, to the four additional countries.
“This initiative is expected to rapidly lead to the establishment of a network of telemedicine clinics across Africa, fully equipped with out-patient facilities.
“The project preparation facility of up to 1.5 million dollars is expected to advance the project to bankability, whereupon this is expected to unlock further investments estimated at 65 million dollars.
“The preparatory facility will expedite the deployment of digital healthcare solutions, enhancing access and efficiency, and quality healthcare”.
Musumba said MobiHealth’s platform utilises local and diaspora medical professionals who can diagnose and prescribe to patients remotely.
“This reduces waiting and travel times, provides new ways to serve a harder-to-reach population, and removes barriers for the underserved population.
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“Additionally, Afreximbank will serve as the mandated lead arranger, overseeing senior debt syndication for the project implementation.”
He said the MobiHealth transaction originated from the Africa Investment Forum, AIF, platform under its flagship ‘Women as Investment Champions’ initiative, with Afreximbank as one of the founding partners of the AIF.
Musumba said the AIF had been instrumental in mobilising a 1.0 million dollar grant for MobiHealth from the United States Trade and Development Agency, USTDA.
He quoted Mrs Kanayo Awani, Executive Vice-President, Intra-African Trade and Export Development Bank, Afreximbank.
“This initiative will fundamentally reshape the delivery of healthcare services with broader implications for healthcare services across the continent.
“ We will not only be embracing digital technology but also harnessing the same to help our member countries accelerate their progress towards the attainment of Universal Healthcare Coverage, and improve equitable access to quality, affordable healthcare.
“Afreximbank is pleased to join USTDA to support bankable studies and services to ensure the advancement of this impactful health project.”
Musumba quoted Dr Funmi Adewara, Chief Executive Officer and the project sponsor of MobiHealth, as saying :
“The signing of this facility agreement marks yet another significant milestone in MobiHealth’s quest to proffer digital healthcare solutions across the continent.
“ We are thrilled to have the support of Afreximbank, a pan-African multilateral financial institution with the scale and capacity to enable us to achieve this objective on time.
“Their involvement is a strong validation for our business model and I would like to laud Afreximbank, AIF, and USTDA for their visionary leadership and steadfast commitment to support the provision of quality healthcare to African citizens.”
Also, Mrs Chinelo Anohu, AIF’s Senior Director, was quoted as saying, “this is a ground-breaking achievement for a female-led startup given the challenges they are known to face especially when it comes to access to financing.
“ We are very excited to have supported Mobihealth on this funding with Afreximbank, one of AIF’s founding partners.
“Mobihealth’s innovative mobile health solutions is a game changer for a continent where so few are able to access healthcare.
“We will therefore make a huge difference in Nigeria and the wider African continent, particularly for the 70 per cent that live in rural areas and have little or no access to basic healthcare.”
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