Afreximbank and MobiHealth team up on telemedicine for Nigeria and beyond...

30 May 2024

The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have signed a project preparation facility agreement that is expected to bolster the expansion of Mobihealth’s telemedicine services in Nigeria, as well as assessing the feasibility of establishing similar services in Egypt, Ghana, Kenya and Cote d’ Ivoire.

Afreximbank will part-finance project preparatory activities that will 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 US$1.5 million is expected to advance the Project to bankability, whereupon this is expected to unlock further investments estimated at US$65 million.

The preparatory facility will expedite the deployment of digital healthcare solutions, enhancing access and efficiency, and quality healthcare. MobiHealth’s platform utilizes local and diaspora medical professionals who are able to diagnose and prescribe to patients remotely. This reduces waiting and travel times, provides new ways to serve harder-to-reach population and removes barriers for the underserved population.

The MobiHealth transaction was originated from the Africa Investment Forum (AIF) platform under its flagship ‘Women as Investment Champions’ initiative. Afreximbank is one of the founding partners of the AIF. The AIF has been instrumental in mobilizing a US$1.0 million grant for MobiHealth from the United States Trade and Development Agency (USTDA).

“This initiative will fundamentally reshape the delivery of healthcare services with broader implications for healthcare services across the continent,” said Mrs. Kanayo Awani, executive vice president, Intra-African Trade and Export Development Bank, Afreximbank. “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 advancement of this impactful health project.”

“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 in a timely manner. 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,” said Funmi Adewara, chief executive officer and the Project Sponsor, MobiHealth.