From Fred Ezeh, Abuja
Nigeria’s fast-developing start-up, EHA Impact Ventures, has announced its collaboration with Stanbic IBTC to de-risk a $300,000 loan to EHA Clinics, a world-class primary healthcare provider in Nigeria.
Stanbic IBTC’s loan will fund EHA Clinics’ expansion to two new locations in Lekki, Lagos State, and Lugbe, Abuja. The new facilities in Abuja and Lagos are estimated to provide quality care to an additional 60,000 people annually.
A statement from the health care providers indicated that with the loan, the clinics will be outfitted with high-quality medical equipment to provide quality care to EHA Clinics’ customers.
Evelyn Castle, EHA Impact Ventures Chief Executive Officer, in the statement, explained that EHA Impact Ventures, the majority shareholder of EHA Clinics provided Letters of Credit to Stanbic IBTC before the loan could be secured.
She added: “Improving access to quality healthcare in Nigeria is one of Eha Impact Ventures’ major goals. And to achieve the Sustainable Development Goals (SDGs) on health, massive investments running in millions of dollars are needed because philanthropy and impact investors alone won’t be enough.
“Partnerships with progressive banks like Stanbic IBTC to develop and implement innovative financial solutions will get us closer to closing the SDG funding gap.”
She further stated that unlike many healthcare companies in Nigeria, EHA Clinics is focused on providing affordable health care packages to people at all levels of the economy.
She said the innovative community-based program titled “REACH” was designed to provides quality, evidence-based care and affordable medication to low-income urban populations, in addition to a creative technology backbone that allows seamless integration between clinic facilities and their “healthmate” app, thus providing customers direct access to EHA Clinics’ services, resources, and support.
Commenting on the development, the Chief Executive Officer of EHA Clinics, Adam Thompson, said: “We are grateful for the partnership between EHA Impact Ventures and Stanbic IBTC, which facilitated this loan opportunity. In addition to the financial support, EHA Clinics is now able to build our credit history with the bank, allowing easier loan facilitation in the future.”
Also speaking on the strategic partnership with EHA Impact Ventures, the Head of Specialized Sectors at Stanbic IBTC Bank, Jane Ike-Okoli, noted that the bank’s support was in line with its commitment to drive positive change and improve access to healthcare finance.
“As a growth partner, it is collaborations like these that allow us to demonstrate our support for the healthcare businesses in Nigeria by delivering flexible, innovative solutions through our strategic partnerships while fostering affordable quality healthcare service,” she stated.
The Head, Commercial Clients Coverage at Stanbic IBTC Bank, Babatunde Akindele, stressed that healthcare is a basic need that everyone should access easily.
He said: “Stanbic IBTC is willing to support strategic partnerships to improve healthcare infrastructure and enable qualitative service delivery, which will restore the hope of many Nigerians.”