The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have entered into a project preparation facility agreement aimed at expanding MobiHealth’s telemedicine services in Nigeria and exploring potential services in Egypt, Ghana, Kenya, and Côte d’Ivoire.
Afreximbank will partially finance preparatory activities, utilizing MobiHealth’s telemedicine platform, which has been successfully integrated in Nigeria, to potentially extend services to the four additional countries.
This collaboration is poised to quickly establish a network of telemedicine clinics across Africa, complete with outpatient facilities. The project preparation facility, amounting to up to $1.5 million, is designed to bring the project to a bankable stage, potentially unlocking further investments of approximately $65 million.
The facility will accelerate the implementation of digital healthcare solutions, improving access, efficiency, and the quality of healthcare. MobiHealth’s platform connects local and diaspora medical professionals with patients for remote diagnosis and prescriptions, reducing wait times and travel, serving remote populations, and addressing the needs of underserved communities.
Moreover, Afreximbank will act as the mandated lead arranger, managing senior debt syndication for the project’s execution.
The MobiHealth deal originated from the Africa Investment Forum (AIF) under its ‘Women as Investment Champions’ initiative. Afreximbank, a founding partner of AIF, has played a crucial role in securing a $1 grant for MobiHealth from the United States Trade and Development Agency (USTDA).
Kanayo Awani, Executive Vice President of Afreximbank, commented: “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.”
Funmi Adewara, CEO of MobiHealth, remarked: “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 promptly. 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.”
Chinelo Anohu, Senior Director of AIF, stated: “This is an achievement for a female-led startup given the challenges they are known to face especially when it comes to access to financing, and 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 are a game changer for a continent where so few can access healthcare and will therefore make a huge difference in Nigeria and the wider African continent, particularly for the 70% that live in rural areas and have little or no access to basic healthcare.”
