NMB Bank partners with Medical Credit Fund to provide financing for health facilities in Tanzania
MCF Managing Director Monique Dolfing- Vogelenzang, NMB Managing Director Ineke Bussemaker and NMB Chief Retail Banking Abdulmajid Nsekela
NMB is the leading bank in financing micro, small and medium-sized enterprises (MSME) in Tanzania, cutting across various sectors. NMB currently serves some MSMEs in the health sector. The partnership with Medical Credit Fund will allow the bank to expand its portfolio in this area and reach out to a much wider community for healthcare financing, while also contributing to an increase in the quality of healthcare services in the country. Under this partnership, qualifying hospitals will have access to loans ranging from USD 15,000 to USD 1m (30m to 2bn Tanzanian shillings).
Medical Credit Fund has the expertise and experience required to identify suitable healthcare providers. It will also coordinate extensive technical assistance to help these providers fulfill their business potential and improve their services so that more people in Tanzania gain access to quality healthcare. Medical Credit Fund works with the internationally recognized SafeCare standards. The SafeCare standards guide healthcare facilities to improve the quality and safety of their healthcare delivery and offer a stepwise certification process towards accreditation. Medical Credit Fund already has solid partnerships with the Association of Private Healthcare Providers of Tanzania (APHFTA), the Christian Social Services Commission (CSSC), and the Private Nurse Midwives Association of Tanzania (PRINMAT), which help deliver this technical assistance to healthcare providers.
Medical Credit Fund has been active in Tanzania since 2012 and has facilitated loans to 130 healthcare facilities so far. MCF Managing Director Monique Dolfing-Vogelenzang emphasized that this partnership is a very important next step, and that NMB is perfectly positioned to help increase access to affordable basic healthcare delivery in Tanzania:
“Access to investment capital has been a challenge in many African countries and impedes the provision of affordable healthcare delivery, especially when looking on the context of building sustainable health systems. With this partnership, we are happy that many private hospitals, health centers and dispensaries will have the capacity to invest in modern and sophisticated health apparatus. We are very delighted to partner with the largest bank in Tanzania because we believe that is the only way to penetrate into the deepest areas across the country,” said Dolfing-Vogelenzang.
Speaking after signing the agreement, NMB Managing Director Ineke Bussemaker said the partnership has come at the right time and will help build sustainable health providers by providing more loans: “This is yet another milestone for NMB. It also proves that NMB is close to you and is everywhere. There is a big opportunity in the health sector and as NMB, we recognize this and hereby commit ourselves in helping hospitals and health centers. I believe this will contribute to an increased access to affordable basic healthcare.”