Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has joined forces with Tillit MSME Microservices to provide affordable healthcare solutions to Small and Medium-sized Enterprises (SMEs) in Nigeria. This collaboration aims to tackle the challenges faced by SMEs in delivering quality healthcare services and retaining skilled professionals.
SMEs in the healthcare sector now have access to various financial products from Stanbic IBTC Bank tailored to their needs. These include short-term loans of up to N10 million, overdraft facilities of up to N2 billion, and term loans of up to N5 billion. These funds can be utilized for essential purposes such as stocking medication, procuring services, and acquiring vital assets. The repayment periods range from 12 to 60 months, specifically designed for healthcare SMEs.
In addition to financial assistance, Stanbic IBTC Bank offers guidance on effective cash flow management to healthcare SMEs. The Bank’s support aims to improve the quality of patient care, thereby enhancing the sustainability and growth potential of these businesses.
Babatunde Akindele, Head of Commercial Banking at Stanbic IBTC Bank, emphasizes the Bank’s commitment to supporting the growth of healthcare SMEs, recognizing their pivotal role in the economy. Akindele states, “Our customized financial solutions and extensive partner network will empower these businesses to thrive.”
Managing Director of Tillit MSME Microservices, Yomi Sule, expresses excitement about the partnership with Stanbic IBTC Bank, describing it as a game-changer for healthcare SMEs in Nigeria. He highlights the access to customized financial products, streamlined application processes, and prompt disbursement facilitated by the collaboration.
Through leveraging the synergies between both entities, this partnership will address critical challenges faced by SMEs, enabling them to deliver better care and retain skilled personnel. Ultimately, this contributes to the overall health and sustainability of enterprises in Nigeria’s healthcare ecosystem.
The announcement of this partnership follows Stanbic IBTC Bank’s successful hosting of the inaugural Healthcare Breakfast Session, a gathering that brought together top leaders and innovators within the healthcare sector. The event fostered discussions on collaborations, innovations, and strategies to enhance the sector.
