Health technology firm, MyItura, has launched a health credit solution aimed at preventing patients from abandoning treatment due to high medical costs.

The initiative addresses a longstanding gap in healthcare financing, as over 70 per cent of Nigerians still pay out of pocket for medical services, forcing many to forgo essential care.

MyItura, which has previously developed electronic medical record (EMR) and electronic health record (EHR) systems, telemedicine platforms, and test booking systems, is now tackling patients’ financial barriers directly.

The new product, called MediLoan, allows patients to access treatment immediately and pay later, helping prevent catastrophic health outcomes while providing hospitals with better liquidity to manage operations.

Co-founder and CEO, Shina Arogundade, explained that MediLoan was developed following a partnership with CCOB, Data Science Nigeria, and Data Impact, which revealed that one in three Nigerians forgoes treatment due to cost. Currently in its pilot phase, MediLoan has been adopted by over 150 healthcare providers and has served more than 17,000 patients.

Under the scheme, patients can borrow up to N200,000 at a monthly interest rate of 5 per cent, with funds sourced from grants, asset management companies, and other partners.

Arogundade said the company is working to secure lower-cost capital to reduce interest rates and expand access. MediLoan is designed to complement health insurance, covering costs that insurance might not fully pay.

The system incorporates technological safeguards, including integration with credit bureaus, automatic account statement verification, and checks through Nigeria’s Digital Public Infrastructure using NIN and VIN. While the pilot focuses on private hospitals, public facilities could also participate, and the company plans to expand to other regions next year. The firm aims to serve seven million people annually, supporting access to treatment and broader adoption of health insurance in Nigeria.

Project Manager at CCOB, Jean Omefe, highlighted the organisation’s role in innovation support, including product development, pilot implementation, and go-to-market strategies.

He said initiatives like MediLoan could significantly reduce the healthcare financing gap for low-income Nigerians, noting that over 90 per cent of the population remains uncovered by health insurance. Omefe added that with sustained support from governments, international organisations.and innovation enablers, such solutions could eventually be scaled across Africa.