Afreximbank In Collaboration With Mobihealth To Expand Telemedicine

By Clement Alphonsus

The African Export-Import Bank and MobiHealthCare Limited have disclosed partnership to bolster the expansion of Mobihealth’s telemedicine services in Nigeria.

In a statement issued by the bank on Tuesday via its website, it said the agreement would also allow Mobihealth to assess the feasibility of establishing similar services in Egypt, Ghana, Kenya and Cote d’Ivoire.

Under the terms of the agreement, it stated that the multilateral financial institution would part-finance project preparatory activities that would enable MobiHealth to successfully expand into the four additional countries.

It added, “The project preparation facility of up to $1.5m is expected to advance the Project to bankability, whereupon this is expected to unlock further investments estimated at $65m.

“MobiHealth’s platform utilises local and diaspora medical professionals who can diagnose and prescribe to patients remotely, thus reducing waiting and travel times, providing new ways to serve harder-to-reach populations and removing barriers for the underserved population."

Afreximbank also expressed that it will serve as the mandated lead arranger, overseeing senior debt syndication for the project implementation.

The MobiHealth transaction originated from the Africa Investment Forum platform under its flagship ‘Women as Investment Champions’ initiative.

While commenting on the agreement, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, Mrs Kanayo Awani, noted that, “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.”

Similarly, the Chief Executive Officer and the project sponsor of MobiHealth, Dr Funmi Adewara, said, “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.”

She applauded Afreximbank, AIF and USTDA for their visionary leadership and steadfast commitment to supporting the provision of quality healthcare to African citizens.”