Unlocking a $65 Million Investment Potential
MobiHealth, a leading digital healthcare provider, has secured a $1.5 million deal with the African Export-Import Bank (Afreximbank) to expand its telemedicine services across Africa. This partnership, facilitated by the Africa Investment Forum (AIF), aims to unlock an estimated $65 million in investment, significantly enhancing healthcare access across the continent.
Revolutionizing Healthcare Delivery
MobiHealth’s innovative platform leverages local and diaspora medical professionals to diagnose and prescribe treatments remotely. This model is designed to reduce waiting times, eliminate travel burdens, and serve underserved populations effectively.
The agreement with Afreximbank is a project preparation facility aimed at expanding MobiHealth’s services beyond Nigeria to Egypt, Ghana, Kenya, and Côte d'Ivoire. Afreximbank will partially finance the preparatory activities necessary to establish telemedicine clinics equipped with outpatient facilities in these countries.
Financial Backing and Project Implementation
The $1.5 million project preparation facility is expected to bring the initiative to a bankable state, setting the stage for further investments estimated at $65 million. Afreximbank will act as the mandated lead arranger, overseeing the senior debt syndication required for the project's implementation.
Kanayo Awani, Executive Vice President of Afreximbank, highlighted the transformative potential of this initiative: “This initiative will fundamentally reshape the delivery of healthcare services with broader implications for healthcare services across the continent."
Leveraging Digital Technology for Better Healthcare
The MobiHealth platform, supported by Afreximbank’s funding, aims to expedite the deployment of digital healthcare solutions. This will enhance access, efficiency, and the quality of healthcare services across Africa, providing new ways to serve remote and underserved populations.
Funmi Adewara, CEO of MobiHealth, expressed excitement over the partnership: “The signing of this facility agreement marks yet another significant milestone in MobiHealth’s quest to proffer digital healthcare solutions across the continent."
Support from Key Stakeholders
The Africa Investment Forum (AIF), under its ‘Women as Investment Champions’ initiative, played a crucial role in mobilizing support for MobiHealth. The United States Trade and Development Agency (USTDA) also contributed a $1 million grant to aid the project’s development.
Chinelo Anohu, AIF’s Senior Director, remarked on the significance of the deal: “This is a ground-breaking achievement for a female-led startup... MobiHealth’s innovative mobile health solutions is a game changer for a continent where so few are able to access healthcare.
