Business a.m.
Access Bank recently joined forces with Solina Centre for International Development and Research (SCIDaR), a prominent non-profit organization focused on driving impactful health interventions across Africa, to alleviate the financing challenges faced by over 200,000 health Small and Medium Enterprises (SMEs) in Nigeria.
The Promoting Accreditation for Community Health Services (PACS) project, spearheaded by SCIDaR and supported by Access Bank, aims to strengthen the supply chain, boost productivity, and improve the financial resilience of SMEs operating in Nigeria’s health sector, particularly Community Pharmacists (CPs) and Patent & Proprietary Medicine Vendors (PPMVs).
The project recognizes that many health SMEs face significant financing barriers, which limit their capacity to expand and contribute effectively to the growth of the health sector.
At the MoU signing event held in Abuja, Uchenna Igbokwe, the CEO of SCIDaR, stressed the importance of funding for Nigeria’s health system. He highlighted that inadequate funding has led to significant strain on the country’s healthcare infrastructure, resulting in poor performance on health metrics.
According to Igbokwe, the partnership between SCIDaR and Access Bank is a timely development that aligns with the government’s vision for the health sector.
Igbokwe spoke further on SCIDaR’s focus on improving financial access and inclusion within the health sector. He underscored the magnitude of unmet financial needs in the sector and emphasized the vital role of finance in achieving universal health coverage in Nigeria.
Also speaking, Chizoma Okoli, the deputy managing director of Access Bank, recalled the bank’s ambitious initiative, launched in 2022, to enroll one in every two Nigerians. The project, Okoli noted, is a bold undertaking and Access Bank has made significant strides towards achieving its target.
Okoli also asserted that Access Bank, in keeping with its mission, is committed to facilitating financial access for entrepreneurs across key sectors, including transportation, agriculture, and healthcare in 2024.
“In line with this commitment, we have collaborated with SCIDaR to drive inclusion specifically within the health space. This partnership emphasises our unwavering commitment to fostering financial inclusion and sustainable development across Nigeria,” he said.
Njideka Esomeju, the group head of consumer banking at Access Bank, reaffirmed the bank’s commitment to fostering financial inclusion in Nigeria’s health sector.
Esomeju disclosed that Access Bank is prepared to offer loans to health SMEs, enabling them to grow their businesses, extend their reach, and enhance healthcare services in underserved rural communities across the country.
Esomeju further elaborated on Access Bank’s strategy, stating that it is not only aimed at strengthening financial stability in the health sector but also at catalysing growth in the industry.
Chizoba Iheme, the group head of financial inclusion at Access Bank, reiterated the bank’s dedication to broadening access to financial services throughout Nigeria.
Iheme mentioned that Access Bank’s overarching strategy involves reaching all 774 local governments, ensuring that even individuals in the most remote areas have access to financial services and are not excluded from the economic mainstream.
“This endeavour is primarily enabled through the bank’s extensive agency banking network, which serves as the digital platform connecting underserved communities to formal financial services. We envision an ecosystem where financial inclusion enhances access to healthcare, ultimately improving the well-being of our communities,” he said.
Iheme explained further that the bank aims to utilise the existing network of Patent and Proprietary Medicine Vendors (PPMVs) as agents to expand financial services into remote areas, resulting in wider financial inclusion and greater adoption of digital banking and financial services in the healthcare sector.
When applause travels faster than hunger