Thursday
December 16
2021

Medical Credit Fund Raises €32.5 Million To Support Health Entrepreneurs in Nigeria, Others in Sub-Saharan Africa

By Janet John

Medical Credit Fund (MCF), the only debt fund fully dedicated to the African health sector, today announced the completion of a EUR 32.5 million fundraise of its second fund (MCF II).

The funding round was led by the Dutch Ministry of Foreign Affairs, which gave the initial equity infusion of EUR 7.5 million in January this year to meet credit demand during the COVID-19 issue. CDC Group, with EUR 10 million, FMO, with EUR 7.5 million, Swedfund, with EUR 5 million, and Philips, with EUR 2.5 million, are also part of this fundraising round.

This round of funding will help the Fund increase its presence and support for healthcare professionals in Sub-Saharan Africa, with an emphasis on primary healthcare services including malaria prevention and treatment, as well as maternal and child health and care. The funding will also be used to extend its wholly digital lending product, known as ‘Cash Advance,’ which has seen rapid growth over the last two years.

Photo courtesy of Army Medicine.

Source: Nairametrics (link opens in a new window)

Categories
Entrepreneurship, Health Care
Tags
digital lending, entrepreneurs, entrepreneurship, funding, healthcare, social impact