Access Bank, GE Healthcare team up to finance Nigerian healthcare providers
Leading largest financial institution in Africa and Nigeria in particular, Access Bank and GE Healthcare are to provide sustainable healthcare equipment financing to private healthcare providers; the partnership will help the private healthcare providers to deliver access to affordable healthcare services across Nigeria.
Access Bank Plc. is a leading full-service commercial Bank operating through a network of 592 branches and service outlets, spanning three continents, 12 countries and 29 million customers. The idea stemmed from the recent partnership entered by the duo to provide Nigeria’s Private Healthcare Providers with equipment financing. Under the partnership, borrowers will be able to secure loans of up to $800,000 negotiable, based on the customer requirement.
According to the deal, whereas Access Bank will provide loans to eligible healthcare providers, GE Healthcare will support the program through provision of GE healthcare equipment and technical support.
The equipment under the partnership scope include Imaging Solutions including Magnetic Resonance Imaging (MRI) and Computed Tomography (CT), Ultrasound Machines and Life Care Solutions. Borrowers which qualify for loans include private healthcare providers such as hospitals, clinics, diagnostic centres and other private practices offering a broad array of services.
In his remarks, the CEO of Access Bank, Mr. Herbert Wigwe, said “There is a need to provide innovative financing models for healthcare providers especially in the private sector, who currently face challenges accessing financing for purchase of healthcare equipment due to the risk associated with the business. As a financing institution, we are committed to provide financing at both the health-service-provider level and at health-service-consumer levels to ensure that the people of Nigeria have all they need to live healthy lives.”
Business Hilights recalls that Access Bank was earlier this year recognized for the second time as the ‘Outstanding Healthcare SME-Friendly Bank of the Year’ at the Nigerian Healthcare Excellence Award (NHEA) 2019.
Speaking at the signing ceremony, Mr. Eyong Ebai, General Manager for GE Healthcare West, Central & French Sub-Saharan Africa said, “We are committed to invest in Public and Private Partnerships that innovate new delivery models that will improve access to affordable and quality patient outcomes, as we progress towards Universal Healthcare Coverage (UHC) in Nigeria. Our partnership with Access Bank will help lift the financial burden off the healthcare providers.”
Reports show that earlier this year, GE Healthcare rolled out a similar initiative in Kenya in partnership with Medical Credit Fund to provide Small and Medium Enterprises (SMES) with financing for healthcare equipment.
