The most sobering moment at the launch event wasn’t a technical glitch or a business projection. It was a simple statistic shared by Stephanie from CcHUB.
“Current data suggests we have about 19 million people covered by health insurance,” she said. “In a population of over 200 million, that leaves more than 70% of Nigerians uncovered.”
For that 90%, a sudden illness isn’t just a health crisis; it’s a financial catastrophe. This is the precise reality MediLoan by MyItura was created to address.
The Cost of “Pay Before Service”
The panel didn’t shy away from the grim reality of Nigerian healthcare. Stephanie recounted a heartbreaking story of a nurse who lost a baby in an incubator because the hospital lacked funds for backup power during an outage.
It was a stark reminder that health finance is about more than just buying drugs. It’s about funding the basic infrastructure that keeps patients alive. When patients can’t pay, hospitals can’t fuel generators, and the quality of care collapses for everyone.
Community as Collateral
Perhaps the most “Nigerian” innovation discussed was the move away from individual isolation toward community support. Shina Arogundade, founder of MyItura, and the panel explored a fascinating social credit model: allowing religious organizations, trade associations, or employers to co-sign for members.
“If your chairman or pastor can vouch for you,” Emmanuel from DSN suggested, “that social capital should count as financial capital.”
Preventive vs. Curative
Ultimately, the goal of MediLoan by MyItura is to shift the culture from reactive desperation to proactive care. As Shina pointed out, borrowing money to cure a crisis is hard, but borrowing small amounts to manage health preventively is sustainable.
By removing the “cash-first” barrier, MyItura hopes to stop treatable conditions from becoming fatal emergencies. In a country where 70% of people are one hospital bill away from poverty, that isn’t just a product feature, it’s a lifeline.
