28 Jan 2023, 7:03 AM (GMT)

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Stanbic IBTC Upgrades Healthcare Short-Term Loan

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, in line with its contributions to an improved healthcare sector in the country, has upgraded its short-term loan solution within the healthcare value chain.

This upgrade ensures a flexible repayment period, with affordable interest rates and zero collateral to enable sector players to access better financing and achieve optimal service delivery.

The short-term healthcare loan, which now offers a longer tenor of 12 months, an affordable interest rate, and zero collateral will foster more investment in the sector and enhance strategic relationships to generate new businesses.

Speaking at the Medic West Africa Conference, Jane Ike-Okoli, Head, Specialized Sectors, Stanbic IBTC Bank, noted that effective collaboration between financial institutions and healthcare organizations is key to advancing Nigeria’s health sector.

She advised financial institutions to be more intentional about complementing the government’s efforts. She said, “Stanbic IBTC has a comprehensive understanding of the healthcare industry and its intricacies. This knowledge inspires us to continue to design innovative yet affordable solutions to boost healthcare businesses across the country.”

According to her, despite Nigeria being Africa’s largest healthcare market, challenges in the health sector include inadequate healthcare infrastructure and insufficient financing.  “Stanbic IBTC is passionate about driving change, hence our partnership with key stakeholders in the healthcare sector to improve access to healthcare finance. We achieve this by offering flexible funding options for healthcare businesses and providers and strategically partnering with the players in the healthcare ecosystem.

“Our healthcare solutions are tailor-made for businesses in the sector who need working capital to expand healthcare operations, acquire medical equipment, facilitate medical research, and ultimately grow their healthcare businesses,” she stated.

Babatunde Akindele, Head, Coverage, Commercial Clients, Stanbic IBTC Bank, also stated that the newly improved healthcare short-term loan is a necessary investment.

 “Healthcare is a basic need that everyone should access easily. The pandemic has increased the pressure on the health sector by revealing the urgent need to expand healthcare facilities. Stanbic IBTC has taken yet another step in the right direction to improve healthcare infrastructure and enable qualitative service delivery, which will restore the hope of many Nigerians,” he said.

The growth of the Nigerian healthcare sector rests on impactful and innovative finance solutions positioned to create a level playing field for businesses to thrive. Stanbic IBTC has said it remains committed to blazing the trail in this regard.

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