Pulse.ng : WEMA Bank, Centre Partner On N200m Medicine Vendors Loan

WEMA Bank, Centre partner on N200m medicine vendors loan

By Perpetua Onuegbu

WEMA Bank has entered into partnership with Solina Centre for International Development and Research (SCIDaR) to provide financial assistance worth N200 million for Patent and Proprietary Medicine Vendors (PPMVs).

The Regional Manager, WEMA Bank, Mr Chioma Onuaguluchi, said this at the launch of the financial solution on Tuesday in Abuja.

The News Agency of Nigeria (NAN) reports that Patent and Proprietary Medicine Vendors (PPMs) are individuals who do not have formal pharmacy training but sell orthodox pharmaceutical products on a retail basis for profit.

“We know that this is an opportunity to make significant impact in healthcare and access to healthcare financing for this PPMVs.

“So WEMA Bank has partnered into partnership to provide, in the initial phase, N200 million Naira as lending fund to CPs (Community Pharmacists) and PPMVs.

“We are targeting a minimum 200 beneficiaries in this pilot phase.

“Each beneficiary is entitled to a maximum of N1 million for PPMVs and maximum of N3 million for community pharmacists that operate within Lagos and Kaduna States only,” Onuaguluchi said.

Onuaguluchi said that beneficiaries would to repay the loans from proceeds of their businesses over a-6 month period.

Dr Uchemna Igbokwe, Chief Executive Officer, SCIDaR, said the collaboration was aimed to unlock potential for the masses.

“The PPMVs constitute almost 60 per cent of that demography that provides such services that serve as the first point of calls for medicines for Nigeria’s growing population.

“It is imperative for the PPMVs and CMPs to be captured in the scheme of things hence SCIDaR’s intervention and collaboration with relevant stakeholders especially Wema Bank.

“SCIDaR also provides training and capacity building, leveraging right standard operating procedures aimed at improving their service delivery,” Igbokwe said.

He also said the initiative underscored SCIDaRs commitment to the government of Nigeria’s vision for the healthcare sector through the delivery of affordable, accessible and sustainable financial solutions.

Mrs Enedani Enegbene, who represented the Pharmaceutical Society of Nigeria (PSN) said the initiative was a pilot stage to be carried in Lagos and Kaduna States.

Enegbene said it was follow-up to an existing programme Promoting Accreditation for Community Health Services (PACHS).

Among the five beneficiaries who were presented with dummy cheques of the sum of two hundred thousand naira each was Mr Felix Nnaji.

Nnaji said partnership was a step in the right direction, adding that he was optimistic of more patronage in his business and increase in the credit facility. (NAPPMAN).(NAN)