LAGOS — Numerous private healthcare facilities in Nigeria are struggling due to funding shortages: pharmacies are out of medicine, laboratories lack testing equipment, and clinics are forced to refuse patients because they can’t afford to operate.
Industry research estimates that Nigeria’s healthcare financing gap is as high as $82 billion, severely undermining the provision of care and driving up out-of-pocket costs for patients.
Against this backdrop, Yanga Dental, located in the Bode Thomas neighborhood of Lagos, has been able to rapidly expand with a 25 million naira (approximately $16,000) loan from the fintech company Helium Credit.
Yanga’s founder and CEO, Ebuka Anyaeji, explains that oral health has long been neglected in the healthcare system, with a shortage of clinics, dentists, and public awareness.
“Yanga’s core goals are to improve access to healthcare and raise public awareness. You can’t improve access to healthcare if it’s unaffordable,” he says.
The loan enabled Yanga to move into a purpose-built facility, purchase advanced laboratory equipment, and begin local production of braces and crowns.
From its humble beginnings as a single dental chair, Yanga has grown into a clinic equipped with a digital lab, serving over 10,000 patients and its partner clinics.
Anyeji claims they have been able to reduce the cost of braces from 4–6 million naira, previously priced abroad, to under 1.5 million naira. Revenue has tripled, and they have begun supplying other clinics, allowing local patients to receive higher-quality care at a lower cost.
Helium Credit’s origins lie not in lending, but in Helium Health’s electronic medical record system, HeliumOS. While building EMR systems for several hospitals in Africa, the company discovered that financial exclusion significantly hindered the growth and digitization of private healthcare facilities.
Helium Health secured approximately $30 million in funding in 2020, paving the way for the subsequent launch of Helium Credit.
Helium Credit is also part of its “Maternal Health Financing and Operational Revitalization Program” (FOR M(om)), which aims to provide facility-based loans to hospitals, pharmacies, clinics, laboratories, and diagnostic centers.
Helium Credit positions itself as a provider of financing for healthcare sectors that are difficult for traditional banks to reach. Aisha Ajidagba, Head of Credit Operations, says they can disburse loans within 48–72 hours, a speed unmatched by commercial banks.
Helium Credit Head of Credit Operations, Gbolahan Olagbaju, notes that loan approvals are not based solely on bank statements but instead incorporate detailed know-your-customer (KYC) information, sales records, patient traffic, and, when necessary, direct access to real-time data from HeliumOS to assess operational performance.
Since its inception, the organization has provided loans totaling over US$10.9 million to over 460 healthcare facilities across 22 states in Nigeria and Kenya. Loans have been used for a variety of needs, including pharmacy working capital, diagnostic equipment financing, and facility expansion.
Helium Credit proactively manages repayments: the system automatically issues reminders seven days, three days, and on the due date, followed by a phone call from a relationship manager. If difficulties arise, lump-sum repayments can be converted to weekly or daily installments, or the term can be extended to alleviate pressure.
Gbolahan emphasized that their debt collection and restructuring practices adhere strictly to ethical standards, and that they conduct thorough underwriting before disbursing loans to mitigate risk.
Yanga is also exploring an “Infrastructure as a Service” model: the clinic not only provides direct patient care but also provides consultation and shared spaces for independent dentists, lowering barriers to entry and broadening patient access.
Helium holds quarterly “Dialogue and Community” forums to educate healthcare providers on loan management and financial planning, addressing financial literacy gaps.
Industry observers and the Healthcare Federation of Nigeria (HFN) believe that addressing the significant financing gap requires not only private sector innovation but also policy support—such as credit guarantees, interest buyouts, or tax incentives for healthcare-specific loans.
HFN warned that without access to affordable long-term funding and strengthened public-private partnerships, a daily funding gap of N66 billion will continue to undermine the capacity of health services in Nigeria and the wider region.