E-Financial
Philips, Medical Credit Fund & Diamond Bank Offer Clinics Access to Fund
Royal Philips, the Medical Credit Fund, part of the Pharm Access Group and Diamond Bank Plc are launching a partnership to improve access to quality healthcare in Nigeria.
Small and medium-sized private clinics that want to acquire innovative medical technologies and services from Philips can finance this purchase through the Diamond Mediloan Quality Care Program.
Loans under this program are backed with business and medical quality assessments plus training implemented by the Medical Credit Fund using the Safe care standards.
As such, clinics can expand and improve the quality of their services, giving more people access to quality healthcare.
Across Sub-Saharan Africa, the majority of healthcare facilities are small, private health clinics and diagnostic centers.
Most small and medium-sized private clinics in Nigeria cannot obtain financing from banks due to the perceived high investment risks.
As a result, they are not able to invest in medical equipment, carry out necessary renovation works or recruit qualified personnel.
At the same time these clinics serve more than half of the population in Nigeria, primarily low-income earners.
It is estimated that, around the world, every day some 800 women die as a result of complications that arise during pregnancy or childbirth.
Many of these problems can be prevented if identified in time. This is one of the elements the Diamond Mediloan Quality Care Program addresses.
Midwives can have access to mobile ultrasound equipment which enables them to carry out relatively straightforward but critical examinations during pregnancy.
The mobile ultrasound equipment can also be taken to rural villages to screen women that are not able to reach the clinics.
The clinics will also be eligible to obtain loans to acquire patient monitoring and X-ray systems from Philips for the examination and treatment of patients.
The loans under the Diamond Mediloan QualityCare Program are tailor-made to suit the needs of the individual clinical facility.
This program is marketed by a partnership representing best-in-class players in this field.
Diamond Bank has carved a niche for itself as a major player in the Micro Small and Medium scale Enterprises (MSME) space in Nigeria and recognizes the potential of MSMEs, hindrances to their growth and challenges faced by them.
The Medical Credit Fund is a Dutch organization that, in collaboration with African banks, helps private primary healthcare providers in sub-Saharan Africa access affordable loans in their local currency.
It combines the loans with management training and an internationally recognized quality improvement program called SafeCare, also implemented with local partners.
Philips is a market leader in healthcare provision across the continent, with over a century of experience in the region.
Commenting on the partnership, Jude Anele, head, Direct Banking, Diamond Bank Plc said, “This partnership is a demonstration of the boundless possibilities the Diamond Mediloan QualityCare Programprovides. Now, clinics that sign up to the program stand to enjoy flexible financing options for the purchase of much needed medical equipment from Phillips. We are delighted in this partnership as it will catalyze the development of the nation’s health sector.”
Also, Monique Dolfing-Vogelenzang, managing director, Medical Credit Fund, said, “What we have seen is that clinics often use a loan to invest in medical equipment. It is therefore very important that quality equipment tailored to local circumstances is available in the market.”
“Philips aims to contribute substantially to improving healthcare in Africa through innovative solutions that are tailored to local needs. Many clinics across Nigeria would like to invest in new medical technology, but find it difficult to obtain the necessary finance. Through this partnership we enable them to make quality Philips healthcare solutions available to a large group of people who need them the most. This also represents the next step in the further expansion of our activities in Nigeria,” commented Rob Armstrong, General manager, Philips Health Systems West Africa.
Royal Philips is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting.
Headquartered in the Netherlands, Philips posted 2013 sales of EUR 23.3 billion and employs approximately 115,000 employees with sales and services in more than 100 countries.
The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare.
The Medical Credit Fund facilitates SME loans to private primary healthcare providers in sub-Saharan Africa through local banks.
The finance program is combined with internationally certified clinical (SafeCare) and business technical assistance programs to ensure that funding is well spent.
This integrated approach helps to improve the quality of the health clinics, leading to expanded and improved healthcare services for more people.
The MCF investors and contributors are (amongst others) OPIC, Gates Foundation, Soros, USAID, IFC, and the Dutch Ministry of Foreign Affairs. Medical Credit Fund won the 2010 G-20 SME Finance Challenge and an OPIC Impact Award in the category Access to Finance in 2014.
On the other hand, Diamond Bank Plc began as a private limited liability company on March 21, 1991 (the company was incorporated on December 20, 1990).
Ten years later, in February 2001, it became a universal bank. In January 2005, following a highly successful Private Placement share offer which substantially raised the Bank’s equity base, Diamond Bank became a public limited company.
Diamond Bank has partnered with Medical Credit Fund to give financial support and advisory services to Healthcare organization utilizing Safe Care methodology for quality improvement.
Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.
Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
Fake Agency: ICPC Indicts NITDA, Others over Inadequate Due Diligence
Tax Reform Built on Taxing Prosperity, Not Poverty– Adedeji
UNESCO Taps Oguamanam,Nigerian Scholar to Advisory Body on Science, Tech Ethics
MTN Alerts Subscribers over Fake 25GB Anniversary MTN Data Giveaway
X Replaces Revenue Sharing wit New Creator Rewards Programme
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Fact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
NBC Tasks Broadcasting Stations over 2028 DSO Global Deadline
NBC Scraps Annual Digital Access Fee on DSO
Glo Sponsored African Voices to Feature Netflix’s “The Polygamist” Stars
General News2 days agoGuinness Rewards Consumers with ₦17 Million in First Week of ‘Open for More’ Promo Draw
News3 days agoGlovo Pioneers AI Quick-Commerce
News2 days agoWorld Bank Debars United Aviation Services, Owner over Fraudulent Activities
E-Business2 days agoNITDA Introduces Cloud Certification Boost Data Localisation Compliance
Telecom2 days agoNCC, Enugu Sign Deal to Operate Digital Industrial Park, Learning Centre
E-Financial2 days agoBOI Opens N250Bn Bond Offer to Fund Businesses
News2 days agoEnugu State Approves Land for ITF’s Digital Fabrication Centre
Telecom2 days agoGITEX Nigeria to spotlight Africa’s $1trn AI economic potential