WEMA Bank, SCIDaR Partner to Provide N200m Loan for Medicine Vendors
By Perpetua Onuegbu
ABUJA, AUGUST 2024 - WEMA Bank has partnered with Solina Centre for International Development and Research (SCIDaR) to provide a N200 million loan facility for Patent and Proprietary Medicine Vendors (PPMVs) and Community Pharmacists (CPs).
At the launch, WEMA Bank's Regional Manager, Mr. Chioma Onuaguluchi, said the initiative aims to improve access to healthcare financing for PPMVs, who play a crucial role in providing medicines to Nigeria's growing population.
The loan facility, which targets at least 200 beneficiaries in its pilot phase, offers up to N1 million for PPMVs and N3 million for CPs operating in Lagos and Kaduna States. Beneficiaries will repay the loans over a six-month period from their business proceeds.
Dr. Uchemna Igbokwe, CEO of SCIDaR, emphasized the importance of capturing PPMVs and CPs in the healthcare financing scheme, highlighting the need for training and capacity building to improve their service delivery.
The initiative aligns with the Nigerian government's vision for the healthcare sector, providing affordable, accessible, and sustainable financial solutions.
The Pharmaceutical Society of Nigeria (PSN) represented by Mrs. Enedani Enegbene, noted that this is a pilot stage to be carried out in Lagos and Kaduna States, building on the existing Promoting Accreditation for Community Health Services (PACHS) program.
Beneficiaries, including Mr. Felix Nnaji, expressed optimism about the partnership, expecting increased patronage and credit facilities.
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