Moniepoint Inc.
MoniePoint Inc., a digital financial institution, has announced its initiative to empower community pharmacists across Nigeria with cutting-edge payment solutions, aimed at enhancing access to medications. In addition, the microfinance bank has extended loans to pharmacists through the Association of Community Pharmacists of Nigeria (ACPN), all to strengthen healthcare accessibility in the country.
In a recent case study titled, “Inside Nigeria’s Community Pharmacies: How Moniepoint Drives Healthcare Access with Payments and Funding,” Moniepoint reiterated its commitment to improving health outcomes in Nigeria through digital payment solutions. The study, presented at the ACPN headquarters in Lagos, underscores the pivotal role of community pharmacies as crucial healthcare access points, particularly in regions with limited hospital or clinic availability.
Responding to the study, ACPN National Chairman, Ambrose Igwekwam, emphasized the essential role community pharmacies have played in Nigeria’s healthcare system over the years. However, he expressed concerns about the challenges the nation’s pharmaceutical industry faces, which are limiting access to affordable medications.
Igwekwam highlighted several issues, including inadequate infrastructure, power shortages, transportation difficulties, regulatory hurdles, reliance on imports, and restricted research opportunities, as significant barriers within the sector. He called for increased collaboration with institutions like Moniepoint to fortify the industry.
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“As Nigeria continues to grow, enhancing local pharmaceutical manufacturing to meet the country’s needs presents a significant opportunity,” Igwekwam remarked. He also noted that the African Continental Free Trade Area Agreement could boost the industry, especially as local drug production expands, bringing in much-needed foreign exchange through exports.
Igwekwam further pointed out that community pharmacies in Nigeria, with an average of 480,000 daily visitors across more than 6,000 locations, are essential front-line workers in the country’s healthcare system. Beyond dispensing medications, pharmacists offer valuable health advice, preventive care, and serve as trusted healthcare providers within their communities.
Dr. Benjamin Olowojebutu, the First National Vice-President of the Nigerian Medical Association, also spoke on the significance of addressing the health needs of rural and underserved populations. He commended the collaboration between the ACPN and Moniepoint, noting, “This report helps us understand how research can be directed to improve healthcare funding, especially in underserved areas, reducing rural-urban migration and uneven development across Nigeria.”
