African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have signed a project preparation facility agreement. This partnership aims to expand telemedicine services in Nigeria and explore extending these services to Egypt, Ghana, Kenya, and Cote d’Ivoire.
Driving Telemedicine Expansion
Under the terms of the agreement, Afreximbank will provide partial financing for preparatory activities, leveraging MobiHealth’s state-of-the-art telemedicine platform, initially trialed in Nigeria. The goal is to rapidly establish telemedicine clinics across Africa, equipped with comprehensive outpatient facilities.
Financial Commitment and Strategic Goals
The project preparation facility, offering up to US$1.5 million, is designed to bring the project to a bankable stage, unlocking further investments estimated at US$65 million. This funding is anticipated to expedite the deployment of digital healthcare solutions, enhancing access, efficiency, and the quality of healthcare services.
MobiHealth’s innovative platform allows local and diaspora medical professionals to remotely diagnose and prescribe treatments, reducing waiting times, eliminating travel barriers, and reaching underserved populations. Afreximbank will also act as the lead arranger, overseeing senior debt syndication for project implementation.
Initiative Origin and Support
The MobiHealth transaction originated from the Africa Investment Forum (AIF) platform under its ‘Women as Investment Champions’ initiative. Afreximbank, a founding partner of AIF, secured a US$1.0 million grant from the United States Trade and Development Agency (USTDA) to support the project.
Leadership Insights
Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, emphasized the initiative’s transformative potential for healthcare delivery across the continent. “This initiative will fundamentally reshape healthcare services, helping our member countries achieve Universal Healthcare Coverage and improve access to quality, affordable healthcare. Afreximbank is pleased to support this impactful health project,” she stated.
About Afreximbank
Afreximbank is a pan-African multilateral financial institution dedicated to fostering intra- and extra-continental trade. With a 30-year history of innovation, the bank supports economic development by financing and promoting trade across Africa. A key advocate of the African Continental Free Trade Agreement (AfCFTA), Afreximbank introduced the Pan-African Payment and Settlement System (PAPSS) to facilitate AfCFTA transactions.
In collaboration with the AfCFTA Secretariat and the African Union (AU), Afreximbank is establishing a US$10 billion Adjustment Fund to support countries in participating effectively in the AfCFTA. As of December 2023, Afreximbank’s total assets and guarantees exceeded US$37.3 billion, with shareholder funds amounting to US$6.1 billion. Between 2016 and 2023, the bank disbursed over US$104 billion, fueling trade and investment initiatives that contribute to sustainable development.
This partnership marks a significant step towards harnessing digital technology to transform healthcare across Africa, ensuring that quality, affordable healthcare becomes accessible to all.
