Moniepoint Inc, a financial institution has empowered community pharmacies with innovative payment solutions and working capital, while showing that over two million unlicensed pharmacies and patent medicine stores abound in Nigeria.
This is coming off the back of the release of Moniepoint Inc’s 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.
At the official release of the case study which was held at the National Headquarters of the Association of Community Pharmacists of Nigeria (ACPN) in Lagos yesterday, other major findings from the case study are that over 70 per cent of pharmaceutical products in Nigeria are imported; major challenges for pharmacies include payment issues, access to capital, and sourcing quality drugs; 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; and that 76 per cent of pharmacies’ expenses go towards stocking goods.
At the release of the study, the National Chairman of ACPN, Pharm. Ambrose Igwekwama 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.
Furthermore, the National Chairman enthused about the growth opportunities ahead for the nation’s pharma sector.
“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.
“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,” he said.
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.
Similarly, 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.
Speaking to the import of the report and its relevance to the nation’s healthcare segment, Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc 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.,”
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.
Notable professionals present during the case study release include National Secretary, ACPN, Omokhafe Ashore, PSN Lagos State Chairman, Pharm. Oyekunle Babayemi, Lagos State Enterprise Sales Coordinator, Richard Eseka, CEO, Nett Pharmacy, Josephine Ehimen, Public and Media Relations Manager, Moniepoint Inc, Bemigho Awala, External Communications Manager, Aderayo Adesokan and Brand Story-teller, Emmanuel Paul, amongst others.
