Afreximbank and MobiHealth Partner to Expand Telemedicine Services in Africa

Afreximbank and MobiHealthCare Limited (MobiHealth) have entered into a project preparation facility agreement aimed at expanding Mobihealth’s telemedicine services in Nigeria and exploring the feasibility of similar services in Egypt, Ghana, Kenya, and Cote d’Ivoire.

Agreement Details

Objective: The agreement aims to support MobiHealth's expansion by financing project preparatory activities, leveraging its telemedicine platform.

Funding: Afreximbank will provide a project preparation facility of up to US$1.5 million to advance the project to bankability, potentially unlocking further investments estimated at US$65 million.

Scope: The initiative will establish a network of telemedicine clinics equipped with outpatient facilities across Africa.

Benefits: The project aims to enhance access, efficiency, and quality of healthcare by deploying digital healthcare solutions. MobiHealth’s platform enables remote diagnosis and prescription by local and diaspora medical professionals, reducing waiting and travel times.

Debt Syndication: Afreximbank will serve as the mandated lead arranger, overseeing senior debt syndication for project implementation.

Origin and Support

Africa Investment Forum (AIF): The transaction originated from the AIF platform under its 'Women as Investment Champions' initiative.

Partnership: Afreximbank, as one of the founding partners of AIF, is supporting the project. The AIF mobilized a US$1.0 million grant for MobiHealth from the United States Trade and Development Agency (USTDA).

Stakeholder Comments

Afreximbank: Mrs. Kanayo Awani, Executive Vice President, highlighted the initiative's potential to reshape healthcare delivery and accelerate progress towards Universal Healthcare Coverage.

MobiHealth: Dr. Funmi Adewara, CEO of MobiHealth, expressed gratitude for Afreximbank's support, emphasizing the significance of the partnership in achieving their objective.

AIF: Mrs. Chinelo Anohu, Senior Director of AIF, praised the achievement as groundbreaking for a female-led startup and emphasized the transformative impact of Mobihealth's mobile health solutions in addressing healthcare access challenges across Africa.

This collaboration underscores the commitment to leveraging digital technology to improve healthcare accessibility and quality across the continent, with a focus on empowering underserved populations.