• 10mg Credit, a Nigerian fintech solution, offers instant, collateral-free credit to healthcare providers for medical supplies.

• The platform leverages AI to assess creditworthiness, approving most applications within minutes.

• Since its launch, 10mg Credit has financed over 6,000 healthcare providers, disbursing more than $3.4 million.

Access to financing remains a significant hurdle for small and medium-sized enterprises across Africa. In Nigeria, a nascent startup has introduced a solution specifically targeting the healthcare sector.

10mg Credit, a fintech solution developed by Nigerian startup 10mg Health, provides instant, collateral-free credit to healthcare facilities. These facilities use the credit to procure medicines and medical equipment. Christian Nwachukwu founded the startup in 2022.

The company said its AI-driven system quickly analyzes transaction histories to approve most applications within minutes, eliminating paperwork and delays, and provides flexible, transparent repayment plans to help users manage expenses without stress.

Healthcare establishments can opt for 10mg Credit when making purchases, either through its platform or via partner distributors. The approval process relies on AI technology, which evaluates applicants' creditworthiness in real-time. This system grants credit within minutes, requires no physical collateral, and offers repayment terms tailored to each facility's cash flow.

By enabling hospitals to pre-finance purchases, 10mg Credit helps reduce service interruptions and enhances the healthcare system's resilience. Since its inception, the solution claims to have financed over 6,000 healthcare providers, with a total volume exceeding $3.4 million and a loan approval rate near 60%. However, the startup faces challenges in managing repayment risk, securing data, and extending coverage to less connected areas.

Regarding data protection, the startup asserts it only collects information necessary for fair and instant decisions, "encrypting it end-to-end for maximum protection."

This article was initially published in French by Adoni Conrad Quenum

Adapted in English by Ange Jason Quenum