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Afreximbank and MobiHealth Sign Project Preparation Facility to Drive Digital Healthcare Solutions Across Africa

by healthycareworld
May 21, 2024
Reading Time: 2 mins read
Afreximbank and MobiHealth Sign Project Preparation Facility to Drive Digital Healthcare Solutions Across Africa
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The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have made an agreement to advance MobiHealth’s telemedicine services in Nigeria and explore the feasibility of introducing similar services in Egypt, Ghana, Kenya, and Cote d’Ivoire.

Afreximbank will offer financial support for project preparatory activities, using MobiHealth’s telemedicine platform, initially tested in Nigeria, to expand to the four additional countries.

The goal is to establish a network of telemedicine clinics across Africa, equipped with outpatient facilities. With a project preparation facility of up to US$1.5 million, the aim is to move the project towards bankability, unlocking further investments estimated at US$65 million.

This preparatory facility will speed up the deployment of digital healthcare solutions, improving access, efficiency, and the quality of healthcare.

MobiHealth’s platform utilizes local and diaspora medical professionals to diagnose and prescribe to patients remotely, reducing waiting and travel times and breaking down barriers for underserved populations.

Afreximbank will also be the lead arranger for senior debt syndication for project implementation.

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The MobiHealth transaction came from the Africa Investment Forum (AIF) platform, particularly under its ‘Women as Investment Champions’ initiative. Afreximbank, as a founding partner of AIF, played a crucial role in mobilizing a US$1.0 million grant for MobiHealth from the United States Trade and Development Agency (USTDA).

Mrs. Kanayo Awani, Executive Vice President of Afreximbank, expressed optimism about the initiative, stating that it would reshape healthcare service delivery across the continent.

Dr. Funmi Adewara, CEO of MobiHealth, welcomed Afreximbank’s support, emphasizing its significance in facilitating the expansion of digital healthcare solutions.

Mrs. Chinelo Anohu, Senior Director of AIF, highlighted the significance of supporting a female-led startup like Mobihealth, particularly in overcoming financing challenges and addressing healthcare access issues in Africa.

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