PharmAccess mobilizes public and private resources for the benefit of doctors and patients through clinical standards and quality improvements, loans for healthcare providers, health insurance, mHealth innovations and operational research.
Lagos, 20 March 2014 – Diamond Bank and Netherlands-based Medical Credit Fund have signed a partnership agreement to provide affordable loans to Nigerian private primary healthcare providers.
Loan provision under the partnership comes at affordable terms and can be combined with a comprehensive technical advisory package, which allows the healthcare providers to improve clinical quality of their services whilst strengthening their business models.
The partnership will target lower and mid-tier healthcare suppliers, so-called Health SMEs. Technical advisory services for medical quality and business improvement can be provided by the MCF and its technical partners. For both the MCF and Diamond Bank it is the second partnership of this nature in the country, allowing for leverage of resources and skills.
Herman Abels, Director Operations of the Medical Credit Fund: “We are very proud to announce this new partnership. Many clinics continue to struggle to meet conventional loan conditions. With Diamond Bank, we can expand our activities and help bridge the finance gap for these healthcare providers.”
Uzoma Dozie, Executive Director of Diamond Bank, “We at Diamond Bank welcome this valuable addition to our product range. There is tremendous potential at the lower and middle end of the healthcare market. With access to capital, clinics will be able to upgrade their quality as well as their business model, leading to overall improvement of healthcare delivery in the sector.”
About Diamond Bank
Diamond Bank is one of the leading banks in Nigeria, listed on the Nigerian Stock Exchange since 2005. In 2008, Diamond Bank’s Global Depositary Receipts (GDR) was listed on the Professional Securities Market of the London Stock Exchange, making it the first African bank to achieve this feat. Diamond Bank has an A rating by Fitch Ratings, Augusto & Co, and an AA- rating by GCR, reflecting the bank’s sustainable liquidity, sound and professional practices and good standing as a high investment grade institution.
www.diamondbank.com
Medical Credit Fund
The Medical Credit Fund is the first social financing fund that introduces a new approach in sustainable improvement of private health care in Africa. It aims to reduce the unknown risks of investing in primary health care, leading to increased transparency and trust so that the lower end of the health market becomes financeable and scalable. The Fund facilitates access to loans to private primary health care providers that serve low-income groups through local financial institutions. This finance program is combined with internationally certified clinical (SafeCare) and business technical advisory services. Loans and advisory services ared used to improve the quality of the health clinics, which will lead to expanded and improved health care services for more people.
After winning the G20 SME Finance Challenge Award for our innovative financing model, the Medical Credit Fund closed its first round of investments in 2012. Participating investors are the Overseas Private Investment Corporation (OPIC), Bill & Melinda Gates Foundation, Soros Economic Development Fund, Calvert Foundation, Deutsche Bank Americas Foundation and Dutch private investors. Our banking partners are K-REP Bank, Chase Bank Kenya, BancABC, National Microfinance Bank Tanzania, Bank of Africa Tanzania, UniBank Ghana, HFC Bank, FCMB and Diamond Bank. Our technical partners are KMET, PSK, APHFTA, Hygeia Foundation, Marie Stopes International and Society for Family Health. In 2014 the MCF won the prestigious OPEC Impact Award.
www.medicalcreditfund.org
PharmAccess Group
The Medical Credit Fund is a member of the PharmAccess Group, a Dutch not-for-profit organization dedicated to improving access to quality health care for people in sub-Saharan Africa. The PharmAccess Group mobilizes public and private resources for the benefit of patients and doctors through clinical quality standards, loans for clinics, health insurance and impact research. We leverage donor contributions to increase trust in the health system, reduce risk and lower transaction costs, paving the way for private investments.
www.pharmaccess.org
Media contact
For more information on the Medical Credit Fund and the agreement please visit www.medicalcreditfund.org or contact Charlotte Wagenaar at c.wagenaar@pharmaccess.org
For more information on the Diamond Bank and the agreement please visit www.diamondbank.com or contact Adebowale Aderibigwe-Banzi at aaderibigbe-banzi@diamondbank.com
