An all-female digital healthcare firm has secured significant funding to expand its telemedicine services across the continent. The African Export-Import Bank (Afreximbank) and MobiHealthCare have signed a project preparatory facility agreement, setting the stage for a transformative expansion.
The funding, valued at up to $1.5 million, will be used to enhance MobiHealthCare’s telemedicine platform initially piloted in Nigeria. This injection will also facilitate the feasibility studies for extending similar services to Egypt, Ghana, Kenya, and Côte d’Ivoire. The long-term goal of this partnership is to unlock further investments totaling $65 million, ultimately leading to the establishment of a robust network of telemedicine clinics throughout Africa.
MobiHealthCare’s platform leverages the expertise of both local and diaspora medical professionals to remotely diagnose and prescribe treatments for patients. This model not only addresses the dire need for accessible healthcare in rural areas but also highlights the potential of female-led startups in overcoming significant funding challenges.
AIF’s Senior Director, Chinelo Anohu, emphasized the groundbreaking nature of this achievement. “This is a ground-breaking achievement for a female-led startup given the challenges they are known to face, especially when it comes to access to financing. We are very excited to have supported MobiHealth on this funding with Afreximbank, one of AIF’s founding partners.”
Anohu further highlighted the broader impact on healthcare delivery across the continent. “Mobihealth’s innovative mobile health solutions are a game changer for a continent where so few are able to access healthcare and will therefore make a huge difference in Nigeria and the wider African continent, particularly for the 70 percent that live in rural areas and have little or no access to basic healthcare.”
The partnership with Afreximbank is seen as a transformative step towards improving healthcare accessibility. Afreximbank Vice President lauded the initiative, stating, “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.”
Dr. Funmi Adewara, CEO of MobiHealthCare, welcomed Afreximbank’s support as a significant vote of confidence in their innovative business model. “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.”
