Afreximbank and MobiHealthCare Forge Partnership to Expand Telemedicine in Africa
The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited have signed a pivotal facility agreement to expand Mobihealth’s telemedicine services across Nigeria. In a statement released on Tuesday via its website, Afreximbank revealed that this agreement also includes assessing the feasibility of extending similar services to Egypt, Ghana, Kenya, and Côte d’Ivoire.
Under the terms of the agreement, the multilateral financial institution will part-finance project preparatory activities, enabling MobiHealth to expand into the additional four countries. The project preparation facility, valued at up to $1.5 million, is expected to advance the project to bankability, potentially unlocking further investments estimated at $65 million.
“MobiHealth’s platform leverages local and diaspora medical professionals who can diagnose and prescribe to patients remotely. This reduces waiting and travel times, providing new ways to serve harder-to-reach populations and removing barriers for the underserved,” the statement added.
Afreximbank will act as the mandated lead arranger, overseeing senior debt syndication for the project implementation. This transaction originated from the Africa Investment Forum’s ‘Women as Investment Champions’ initiative.
Commenting on the agreement, Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, stated, “This initiative will fundamentally reshape healthcare delivery across the continent. By embracing digital technology, we are helping our member countries progress towards universal healthcare coverage and equitable access to quality, affordable healthcare. Afreximbank is pleased to support bankable studies and services to advance this impactful health project.”
Dr Funmi Adewara, Chief Executive Officer and project sponsor of MobiHealth, hailed the agreement as a significant milestone in the company’s mission to provide digital healthcare solutions across Africa. “We are thrilled to have Afreximbank’s support, a pan-African multilateral financial institution with the scale and capacity to help us achieve this objective promptly,” Adewara said. She praised Afreximbank, the Africa Investment Forum (AIF), and the U.S. Trade and Development Agency (USTDA) for their visionary leadership and commitment to quality healthcare for African citizens.
Chinelo Anohu, Senior Director at AIF, described the agreement as a groundbreaking achievement for a female-led startup, particularly given the financing challenges such enterprises typically face. “Mobihealth’s innovative mobile health solutions are a game-changer for a continent where many struggle to access healthcare. This will make a significant difference in Nigeria and the wider African continent, especially for the 70 percent living in rural areas with little or no access to basic healthcare,” she remarked.
