MCF launches Digital Loans to Transform Healthcare Financing for SMEs in Ghana
Small and medium-scale enterprises in the healthcare delivery ecosystem in Ghana are expected to receive some respite in financing with the launch of the Medical Credit Fund’s Digital Loans in the country. The Medical Credit Fund (MCF), is a leading provider of financial Solutions for healthcare providers in sub-Saharan Africa. With its groundbreaking MCF Digital Loan products in Ghana, Healthcare financing is more accessible.
By simplifying the loan application process and leveraging advanced technology, MCF ensures healthcare providers focus on what they do best by delivering quality healthcare to their communities. The MCF Digital Loan product comes with several unique features, including an easy and fast application process where healthcare providers can apply for loans conveniently through their mobile phones, via a user-friendly digital platform, reducing paperwork and processing time. Secondly, there is no conventional collateral required, future transactions serve as a guarantee and an automated repayment: where deductions are made from your incoming transactions.
Additionally, MCF offers competitive interest rates, keeping healthcare financing accessible for healthcare providers. MCF’s dedicated team of experts is available to provide guidance and support throughout the loan application and repayment process.
The Medical Credit Fund, established in 2009 as part of PharmAccess, is the only not-for-profit fund exclusively dedicated to financing small and medium-sized healthcare enterprises in Africa. MCF is a blended fund that utilizes innovative financing solutions and digital technologies and collaborates with a wide network of African partners to provide health SMEs with loans and technical assistance, so they can expand their businesses and invest in providing quality health services. The overarching objective is to increase access to quality health care in line with the Sustainable Development Goal
PharmAccess: Bridging the Gap in Healthcare Financing
Dr. Maxwell Antwi, Country Director of PharmAccess, emphasized the organization’s mission to use data and connectivity to improve healthcare access “At PharmAccess, we believe that the IMPOSSIBLE IS POSSIBLE IF YOU CARE,” he declared.
Dr. Antwi further highlighted the collaborative, open-minded, relentless, and entrepreneurial approach of PharmAccess in addressing the needs of Health SMEs in Ghana. He said PharmAccess and MCF have been collaborative by partnering with Kowri a Ghanaian fintech company to design a product to help health entrepreneurs.
The Medical Credit Fund is a sister organization within PharmAccess, established over a decade ago with a mission to provide access to financing for medical quality improvement to all Health SMES in the healthcare sector value chain.
Medical Credit Fund’s Impactful Journey
Speaking at the launch of the fund in Accra, Ghana Director of the fund, Joseph Hansen-Addy called on MCF clients varying from hospitals and clinics to diagnostic centers, laboratories, medical equipment vendors, pharmaceutical retailers, wholesalers, and any other business within the health sector to take advantage of the fund to grow their businesses.
“We would like to invite all health 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.” Joseph Hansen-Addy said.
According to him, 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 communities.
Dr. Poku Adusei, Director of Legal at the National Communications Authority, said there is a stark financing disparity in healthcare in Ghana and most parts of Africa. He expressed his excitement about the potential of the Medical Credit Fund to bridge this gap and lauded PharmAccess for its dedication to the healthcare ecosystem.
According to Dr. Adusei, MCF in Ghana has already disbursed term loans to a diverse range of healthcare providers, including hospitals, clinics, diagnostic centers, laboratories, medical equipment vendors, pharmaceutical retailers, and wholesalers. These loans have significantly improved working capital, financed equipment purchases, and supported the construction, expansion, and improvement of health facilities.
A Proven Success: Lessons from Kenya
Drawing lessons from the success of the MCF digital loan product in Kenya, where over 6,000 loans have been disbursed, Dr. Adusei highlighted MCF’s expansion plans in Ghana. The MCF digital loan product, developed in collaboration with Ghanaian fintech company Kowri, offers healthcare facilities a quick and efficient way to access much-needed financing.
Dr. Adusei-Poku noted that “The launch aligns well with the digitization and digitalization agenda of the government of President Akufo-Addo, stressing that healthcare service providers should embrace this agenda to stay relevant and ensure timely loan repayments, serving as motivation for MCF to continue its impactful work.”
The launch of the MCF Digital Loan product heralds a new era for healthcare financing in Ghana. Small and medium-scale healthcare enterprises can now access the funds they need to deliver quality healthcare services, ultimately benefiting the millions of patients who rely on them. As MCF expands its footprint, the healthcare sector in Ghana is poised for transformation, aligning with the Sustainable Development Goal to increase access to quality healthcare for all.
