Africa’s fastest growing financial institution, Moniepoint Inc has stated its commitment to drive healthcare access in Nigeria by empowering community pharmacies with innovative payment solutions and working capital.
This is coming off the back of the release of its latest case study titled, Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding which examines how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital/clinic access and Moniepoint’s solutions in helping to address the prevalent challenges through digital payment solutions, loans, and a wide distribution network.
Major findings of the case study revealed that 82 per cent of pharmacies offer additional health services beyond dispensing drugs; Only 7.69 per cent of customers prefer to pay pharmacies exclusively with cash; most use a mix of cash and digital payments; Lagos has the highest concentration of community pharmacies at 10.17 per cent of the total; 76 per cent of pharmacies’ expenses go towards stocking goods; Over 70 per cent of pharmaceutical products in Nigeria are imported; There are over 2 million unlicensed pharmacies and patent medicine stores in Nigeria and peak hours for pharmacy visits are between 7-8 PM in 90 per cent of Nigerian states.
The national chairman, Association of Community Pharmacists of Nigeria (ACPN), Pharm. Ambrose Igwekwama, at the unveiling of the study in Lagos, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years, the many challenges faced which include poor infrastructural system – power, transportation, regulatory bottlenecks, importation dependency, limited research opportunities while stressing on the need to strengthen collaborative efforts with institutions like Moniepoint in order to improve health outcomes across the country.
Igwekwama enthused about the growth opportunities ahead for the nation’s pharma sector, adding that, “As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all. There’s also the African Continental Free Trade Area Agreement which is expected to boost our industry, especially when we start producing our drugs locally which will provide the much needed foreign exchange from exports. We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria.”
With an average of 480,000 daily footfalls across over 6,000 community pharmacies in Nigeria, the ACPN plays a vital role in Nigeria’s healthcare system as front-line workers who promote public health and well-being, beyond dispensing medications as they serve as trusted healthcare providers within communities, offering valuable advice, counsel, and preventive care.
In his goodwill message, first national vice-president, Nigerian Medical Association, Dr Benjamin Olowojebutu, harped on the imperative of catering to the health needs of those living in rural and underserved areas across the country, adding that, “Nigeria’s population is more rural than urban, so how do we reduce the rural-urban migration and intra-urban migration which has also become pervasive? How do we reduce uneven development across the country? I must commend the leadership of ACPN for collaborating with a forward thinking, thought leading organisation like Moniepoint to produce this insightful report. I am confident that this work would help us as Nigerians to see how we can channel research to affect funding for healthcare.”
The Moniepoint case study on community pharmacies provides very insightful commentary on critical aspects of running a community pharmacy, including payment systems, inventory management, and funding challenges. It reveals a shift towards digital payments, while exploring challenges around limited access to capital for stocking inventory and expansion, sourcing quality drugs, particularly given the high proportion of imported pharmaceuticals and the prevalence of counterfeit medications.
The study attributed major challenges for pharmacies to payment issues, access to capital, and sourcing quality drugs.
Moniepoint’s role in supporting pharmacies includes deploying its Point of Sale (POS) terminals, which have become the preferred payment method in most Nigerian pharmacies. This move has made payment transactions faster and more reliable, benefiting both customers and pharmacists. With solid mobile network coverage in Nigeria, Moniepoint ensures that pharmacies, even in the most remote areas, can receive payments digitally, further enhancing healthcare access. The financial services provider also addresses the funding challenges that pharmacies face by providing working capital loans. These loans enable pharmacies to stock up on critical drugs and expand their services. By ensuring pharmacies have access to the funds they need, Moniepoint is helping to build a more sustainable healthcare ecosystem.
Speaking to the import of the report and its relevance to the nation’s healthcare segment, the vice president, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan, noted that Moniepoint’s thought leadership drive with these case study was with a view to deepen policy engagement, provide actionable intel on critical successful factors needed for the nation’s socio-economic growth across different verticals while empowering with businesses with the wherewithal to make informed decisions with data.
“We are pleased to partner with ACPN on this game changing report. Moniepoint’s reason for being is in creating financial happiness and powering dreams. Reports like this move us in that direction, enabling us to save lives as a result of a fast, reliable payment system that everyone has come to love. Looking at the relevance, with data on their business transactions and our business management tools, community pharmacies can effectively plan their inventory and availability—knowing exactly when to stock up and ensuring staff are on the ground to serve more customers. By providing pharmacies with the financial tools they need, Moniepoint is creating a future where access to healthcare is improved and represents more than a fundamental right for all in an equitable and efficient system,” Uwemakpan said.
