Moniepoint Inc, recognised as Africa’s fastest-growing financial institution by the Financial Times, has partnered with the Association of Community Pharmacists of Nigeria (ACPN) to boost healthcare access by empowering community pharmacies with innovative payment solutions and working capital.
This follows the release of a new case study, titled Inside Nigeria’s Community Pharmacies: How Moniepoint Drives Healthcare Access with Payments and Funding, which explores the vital contributions of community pharmacies, particularly in areas with limited access to hospitals and clinics, and how Moniepoint’s digital payment solutions and working capital loans are helping the pharmacies overcome hurdles related to payments, funding, and distribution networks
Speaking on the release of the case study during the launch of the Moniepoint Case Study on Community Pharmacies in Lagos, held at the National Headquarters of the Association of Community Pharmacists of Nigeria (ACPN) in Lagos, Pharm. Ambrose Igwekanma Ezeh, national chairman, ACPN, emphasized the importance of community pharmacies in Nigeria’s healthcare delivery.
He acknowledged the challenges faced by these pharmacies, including infrastructural deficits, regulatory bottlenecks, and the country’s dependence on imported drugs, while advocating for stronger collaborations with institutions like Moniepoint to enhance health outcomes.
Ezeh also highlighted the opportunities for growth in the Nigerian pharmaceutical sector, especially in light of the African Continental Free Trade Area Agreement (AfCFTA), which is expected to boost local drug production and generate foreign exchange from exports.
In his remarks, Dr Benjamin Olowojebutu, First National Vice-President of the Nigerian Medical Association (NMA), praised the collaboration between ACPN and Moniepoint. He noted the importance of addressing healthcare needs in rural and underserved areas and emphasized that the insights from Moniepoint’s report could guide research and funding to improve healthcare delivery.
Moniepoint’s case study also reveals that the majority of pharmacies in Nigeria face challenges related to access to capital, inventory management, and sourcing quality drugs. With over 70 percent of pharmaceutical products being imported, issues of counterfeit medications remain a significant concern.
It however revealed how Moniepoint is addressing some of these challenges by providing pharmacies with Point of Sale (POS) terminals, which facilitate fast and reliable digital payments, even in remote areas. Additionally, how Moniepoint’s working capital loans enable pharmacies to stock up on essential drugs, thereby improving their ability to serve the public.
Didi Uwemakpan, Vice President of Corporate Affairs at Moniepoint, remarked on the importance of the report in guiding policy and providing actionable insights for Nigeria’s healthcare and economic sectors. “Moniepoint’s mission is to create financial happiness and power dreams. Reports like this enable us to save lives through a fast, reliable payment system that everyone loves. We are committed to equipping pharmacies with the financial tools they need to improve healthcare access for all,” Uwemakpan said.
“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,” Uwemakpan said.
The event was attended by notable figures, including ACPN National Secretary, Pharm. Omokhafe Ashore, Pharm. Oyekunle Babayemi, Lagos State Chairman of the Pharmaceutical Society of Nigeria (PSN), and Pharm. Josephine Ehimen, CEO of Nett Pharmacy; Richard Eseka, Lagos State Enterprise Sales Coordinator, Moniepoint; Bemigho Awala, Public and Media Relations Manager, Moniepoint Inc; Aderayo Adesokan, External Communications Manager, Moniepoint; and Emmanuel Paul, Brand Story-teller, Moniepoint, amongst others.
L-R Pharm. Oyekunle Babayemi, chairman, PSN, Lagos State; Pharm Omokhafe Ashore, national secretary, ACPN; Mr Richard Eseka Lagos State Enterprise Sales Coordinator, Moniepoint Inc;, and Pharm. Ambrose Igwekanma Ezeh, national chairman of ACPN, at the launch of the Moniepoint Case Study on Community Pharmacies in Lagos.
L-R, Dr Benjamin Olowojebutu, first national vice-president, NMA; Pharm. Ambrose Igwekanma Ezeh, national chairman of ACPN; Pharm Omokhafe Ashore, national secretary, ACPN; Mr Richard Eseka Lagos State Enterprise Sales Coordinator, Moniepoint Inc;, at the launch of the Moniepoint Case Study on Community Pharmacies in Lagos.
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