Stanbic IBTC Pushes for Innovative Financing Solutions for Healthcare

By Modupe Gbadeyanka

The healthcare industry in Nigeria can compete with others in advanced countries if stakeholders work together to create innovative financing solutions.

The Head of Specialised Sectors at Stanbic IBTC Bank, Ms Jane Ike-Okoli, said the market is big enough to attract more investors.

A few days ago, Business Post reported that a global research firm, Agusto & Co, projected that an increased foreign interest would drive growth in Nigeria’s healthcare system, especially through the acquisition and establishment of health facilities in the medium term, helping to bridge the healthcare infrastructure deficit estimated at $82 million.

For Ms Ike-Okoli, this goal can be achieved as Nigeria is Africa’s largest healthcare market. She said the country only needs an effective collaboration among stakeholders to boost the sector.

Speaking during the panel session at the Medic West Africa Conference, Ms Ike-Okoli argued that effective collaboration between the financial industry and healthcare organisations was key to advancing Nigeria’s health sector.

She also mentioned that the sector is yearning for innovative financing solutions to address the nuances of lending to healthcare businesses.

“Nigeria is Africa’s largest healthcare market, and despite this, we have inadequate healthcare infrastructure, which gives rise to weakened health systems.

“It is in response to this that Stanbic IBTC has decided to partner with key players in the healthcare sector to improve access to healthcare finance and provide robust yet flexible funding options for healthcare businesses and providers.

“Our healthcare solutions are tailor-made for players in the sector who need working capital to expand healthcare operations, acquire medical equipment, facilitate medical research, and grow their healthcare businesses.

“One of such solutions is the recently launched unsecured short-term loan with a 12-month tenor, which is aimed at directly supporting providers with funds to improve their offerings and, by extension, grow the healthcare sector in Nigeria,” she stated.

Other panellists featured at the event included Dr Folabi Ogunlesi, Managing Partner Vesta Healthcare; Dr Idorenyin Oladiran, Medical Consultant, Human Resources, MTN Nigeria; Dr Leke Oshunniyi, CEO, Health and Managed Care Association of Nigeria (HMCAN) and Professor Akin Abayomi, Commissioner of Health, Lagos State.