In Nigeria, it is widely acknowledged that a single unexpected healthcare bill can lead a family to bankruptcy. This is not a far-fetched assumption; a 2024 World Bank report shows that 77% of all healthcare expenditure in the country is out-of-pocket, driving over a million Nigerians into poverty yearly.
This problem lies at the heart of MyItura’s newest product, Mediloan, a healthcare financing solution designed to alleviate the financial burden of healthcare on the average Nigerian.
Launching the product on Tuesday, December 9, 2025, at an event in Lagos, MyItura, a Nigerian healthtech company, aims to transform Nigerians’ healthcare culture by increasing access and affordability.
The event began with an uplifting opening speech by Shina Arogundade, CEO and Co-founder of MyItura, who emphasised the crucial role of a product like Mediloan in the future of Nigeria’s healthcare system. He highlighted that due to the cost of healthcare, many Nigerians abandon care, leading to worsened health conditions.
Arogundade’s points were further amplified by Stephanie Okpere, a representative of Co-creation Hub, one of MyItura’s partners, in a keynote speech.
“Making finance available goes beyond saving lives; it helps ensure that the quality of care provided meets the required standard. Finance is important,” Okpere said.
To end her keynote, she called for more collaborations to help Mediloan and MyItura reach the hands of the individuals who need them most.
The power of partnership in healthcare financing: Leveraging data and technology to bridge gaps
Partnerships are a powerful force in shaping healthcare outcomes through innovative products, as was evident throughout the panel session titled ‘The power of partnership in healthcare financing: leveraging data and technology to bridge gaps.’
The session, moderated by Damilola Ogunwale, Operations Manager, MyItura, also featured expert voices such as Shina Arogundade, CEO & Co-founder, MyItura; Jean Omefe, Project Manager, Co-creation Hub; Emmanuel Badejo, COO, Life Centre; and Emmanuel Enemakwu Yusuf, Technical Product and Solutions Consultant, Data Science Nigeria.
A core part of the session surrounded the importance of data in determining creditworthiness and preventing financial exclusion.
Accessing credit in Nigeria can often be difficult due to limited data and visibility. At the core of any form of financing is data, which gives lenders visibility into borrowers’ lives, enabling them to assess risks accurately, offer personalised loans, and reduce the risk of non-performing loans.
Yusuf expressed the same sentiment. He noted that while individual financial data can often be sparse in Nigeria, especially with those in the informal economy, there are other innovative ways to determine creditworthiness beyond bank statements.
“When it comes to medical loans, such as what Mediloan will be offering. I think there is an opportunity to look into other data beyond the traditional credit history that everyone has. You can leverage certain risk enablers, like associations. There are associations and religious organisations that can vouch for their members,” Yusuf explained.
He advised the MyItura team to gather real-world data that can strengthen their decision-making and to leverage artificial intelligence to uncover meaningful patterns.
Arogundade highlighted Mediloan’s role in improving healthcare access for Nigeria’s lower-income population. While he acknowledged the inherent risks in issuing medical loans, he noted that the company is already pursuing partnerships with loan-guarantee providers to reduce exposure and strengthen the model.
“It is the nature of loans to go bad, but can we keep non-performing loans very low, five per cent at most, two per cent if possible, so that even when people default, we still have liquidity to continue,” he said.
Additionally, Mediloan’s process for accessing healthcare loans reflects the company’s intention to keep default rates low. By completing a creditworthiness check within 24 hours of a request, MyItura aims to limit approvals to borrowers with a record of financial responsibility.
During a demo at the launch event, borrowers were required to provide key details, including their Bank Verification Number, employment information, and the contact information of their guarantor. These details enable the MyItura team to conduct additional checks with credit bureaus and other verification sources before approving a loan.
Omefe added that even with these safeguards, accessibility remains central to the product’s success and adoptability. For a solution to gain real traction, she said, it must be built from the perspective of the people who will rely on it.
She pointed out that if a product targets low-income individuals, it must consider that many of them rely on feature phones with limited or no Internet connectivity and may not be able to speak English.
The event concluded with a brief closing address from Arogundade, who, echoing Okpere’s opening remarks, called for greater collaboration to ensure Mediloan succeeds.
With this launch, Mediloan now stands as a bridge between the average Nigerian and access to speedy, quality healthcare. With this product, individuals can access loans of up to ₦200,000 to cover health-related expenses.
