Finance
MDaaS Global Raises $2.3m To Launch Digital Health Solution SentinelX And Expand Across Nigeria
MDaaS Global, the healthtech company building and operating a network of modern, tech-enabled diagnostic centers across Nigeria, has raised $2.3 million in seed extension led by Newtown Partners via the Imperial Venture Fund, with participation from CRI Foundation, FINCA Ventures, Techstars, and Future Africa, among others.
With this funding, the company is launching ‘SentinelX’, a digital health membership that champions preventive, personalized, and continuous care using proprietary technology. The extension brings MDaaS Global’s total funding to date to $3.7 million; in addition to the launch of SentinelX, this new funding will see the company rapidly scale its physical footprint across Nigeria to become the largest diagnostic chain in the country.
Since its founding, MDaaS Global has focused on increasing access to critical diagnostic services for underserved and geographically challenged communities. SentinelX builds on that mission by democratizing access not only to technology-enabled primary care but also to comprehensive preventive care that helps members identify and address health risks before they become problems. SentinelX operates as an annual subscription-based membership starting at just N35,000 [approx. $7 a month].
Over the past two decades, non-communicable diseases (NCDs), also referred to as lifestyle diseases, have risen dramatically in sub-Saharan Africa, driven by a growing incidence of cardiovascular risk factors like unhealthy diets, reduced physical activity, hypertension, and diabetes. And by 2030, NCDs are set to become the leading cause of mortality on the continent. SentinelX is poised to tackle this challenge head-on and empower members to take control of their long-term health.
To do this, the SentinelX membership includes:
- A comprehensive diagnostic screening to give members a 360-degree view of their current health status and identify potential health issues early.
- A customized Care Plan designed to address each member’s specific risk factors and personal health goals, from reducing the risk of cardiovascular disease to improving energy levels.
- 24/7 ongoing support from the Care Team for primary as well as urgent care (via the SentinelX mobile app, phone-based support, and in-person visits).
- Access to dieticians and fitness coaches to support members with lifestyle changes.
- Help navigating the Nigerian healthcare ecosystem, from specialist referrals to answering questions about health insurance.
Currently in private beta and with a speedily growing waitlist, SentinelX is set to launch publicly in September 2021. Prospective members can register via the website to schedule their diagnostic screening which looks at more than 65 unique biomarkers to assess individual risk for a wide range of diseases, including cancers, diabetes, kidney disease, and heart diseases. Clinical and family history as well as demographic data are also taken into consideration as part of the comprehensive analysis. Screenings are carried out at MDaaS-owned facilities, expediting a cost-efficient medical process for patients and effectively allowing the company to manage the full lifecycle and health journey of its customers. Members receive monthly check-in calls from their dedicated Care Team to monitor progress, make adjustments to their Care Plans, and supply answers to questions that may arise – providing patients with a holistic and proactive approach to their healthcare.
Speaking on the announcement, Oluwasoga Oni, MDaaS Global’s CEO and Co-Founder said, “Unrestricted access to quality healthcare has always been our principal objective and the pandemic has compelled us to consider innovative ways of offering more proactive care. This additional funding will propel our growth as we look to serve more people and in more ways.”
He continues, “SentinelX combines a human touch – which is still needed, with advanced technology to provide faster, easier healthcare solutions for Nigerians.
But importantly, it makes preventive care more accessible and affordable. This will pave the way for lowering overall medical costs for patients as well as improving their health outcomes in the long run.”
Llew Claasen, Managing Partner at Newtown Partners believes, “Most consumers in sub-Saharan Africa receive suboptimal medical care because of infrastructure gaps, low physician density, delays in diagnostics, and a lack of health data visibility.
We think the physical diagnostic infrastructure that MDaaS is building out, coupled with the means to collect data and deliver value-added software services, has the potential to completely change the way that physicians, clinicians and pharmacists do their jobs and lead to better health outcomes for a huge number of previously underserved consumers.”
Founded in 2017 by Oluwasoga Oni, Opeyemi Ologun, Genevieve Barnard Oni, and Joseph McCord, MDaaS Global has launched 7 centers in Ibadan, Ilorin, Osogbo, Lagos, and Abuja, with plans to expand to 6 new cities in 2021. To date, the healthcare company has provided diagnostic services to over 40,000 patients in underserved communities, and following its seed round in 2019, has grown its staff capacity to over 70.
The company has also performed over 80,000 diagnostics tests across cardiology, radiology, neurology, laboratory, and general health checks. MDaaS has expanded its referral network to include over 750 clinicians and has partnered with over 500 health facilities and 10 HMO networks. By 2025, the company aims to operate 100 centers across the continent and serve 1 million patients per year.
To conclude, Oluwasoga said, “For many years, healthcare in Nigeria and across Africa has been focused almost exclusively on treating diseases rather than preventing them in the first place. Access to diagnostics and preventive care is key to addressing the burgeoning NCD crisis; through SentinelX, we aim to leverage our expertise in affordable diagnostics and put the ‘health’ back in healthcare for Africa’s next billion.”
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent
Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.
Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.
According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.
According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.
According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.
Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.
He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
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