Medical Credit Fund introduces digital loan for healthcare SMEs


The Medical Credit Fund (MCF), a leading provider of financial solutions for healthcare providers in sub-Saharan Africa (SSA), has launched the maiden edition of its digital loan product in Ghana.

The product is exclusively dedicated to financing small and medium-scale healthcare enterprises (SMEs) in Africa.

The groundbreaking initiative was done in partnership with PharmAccess, an international development organisation for essential healthcare provision to bring accessible and affordable healthcare financing to healthcare providers in Ghana.

It seeks to curb the challenges associated with accessing finance for businesses in the healthcare sector to operate optimally like buying medical equipment and working capital, among others, to ensure quality and better healthcare.

To qualify for the loans, interested SMEs need to be a health business registered with the appropriate authorities and have the needed certification.

Hospitals, clinics, healthcare facilities, laboratories, diagnostic centres and pharmaceutical companies qualify to attract the loan facility.

The loan is repaid through an automated repayment system, where deductions are done from incoming transactions via mobile money and other digital revenue streams.

MCF digital loans are disbursed through Kowri, a prominent digital platform in Ghana with a quick and efficient way to access needed financing.

When payments or revenues are made to health facilities accounts on Kowri, a portion is hived off through an agreed percentage to settle parts of the loan to MCF.

Clients can access a maximum loan facility of GH₵700,000 or €50,000.

The loan facility attracts just a three percent per month interest rate on a reduced balance which transcends to 20 percent or less per annum.

This follows the tremendous success of the MCF Digital Loan in Kenya, where more than 6,000 MCF Digital Loans have been disbursed to finance healthcare providers.

The digital loan platform allows healthcare providers to apply for loans conveniently through a user-friendly digital platform, reducing paperwork and processing time.

Director of Legal Affairs at the National Communications Authority (NCA), Dr. Poku Adusei, said: “From the available data, MCF term loans would help to enhance the working capital of small and medium-sized health enterprises, provide financial support for the purchase of equipment, and also for the construction of new health facilities or expansion of existing ones”.

Managing Director of MCF, Arjan Poels, recounted that by simplifying the loan application process and leveraging advanced technology, MCF ensures that healthcare providers can focus on what they do best – delivering quality healthcare to their clients.

The Country Director for MCF, Joseph Hansen-Addy, underscored the importance of this initiative indicating that the launch event is a momentous occasion for the fund and all other stakeholders in the health eco-system.

He called on businesses and other ecosystems in the health sector to tap into this initiative.

“We would like to invite all healthcare sector SMEs and other businesses in the eco-system to investigate this opportunity and explore how MCF Digital Loans can help you finance the next step in improving the quality of healthcare and help you expand your business.

“We kindly ask you to spread the word about this unique finance opportunity for health SMEs and join us in making inclusive health markets a reality,” Mr. Hansen-Addy said.

He said plans to incorporate NHIS onto the platform are underway.

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