Connect with us

Finance

MDaaS Global Raises $2.3m To Launch Digital Health Solution SentinelX And Expand Across Nigeria

Published

on

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.”

Continue Reading

Finance

Banks To Now Charge 0.5% Cybersecurity Levy As Directed By CBN; Netizens React

Published

on

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on some transactions done by their customers.

The apex bank gave the directive in a circular dated May 6, 2024 and sent to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” the circular partly read.

The Cybersecurity Levy implementation notice

The apex bank said that the implementation of the levy would start two weeks from the date of the circular.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’. Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month,” the circular said

The apex bank added that this new levy will not be applied on transactions such as loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

This current implementation however is not sitting well with some netizens as they reacted to the new development.

Here were some of their reactions from X.

Continue Reading

Finance

EFCC Chairman Tasks Nigerian Youths Against Crimes And Fraudulent Acts

Published

on

The Chairman of Economic Finance Crime Commission (EFCC), Ola Olukoyede, has stressed the need for Nigerian Youth to see themselves as agents of positive change that have a lot to contribute to the socioeconomic development of the Nation.

Speaking at the 2nd edition of a Leadership Trainings Programme in Abuja, Olukoyede, who was represented by the Head Enlightenment and Re-orientation unit, (EFCC), Aisha Mohammed, said the commission’s dream is to see the youth contribute meaningfully to the society, emphasizing on the need to work together in bringing positive change to society.

The Economic and Financial Crimes Commission Boss declared the readiness of his agency to work with all Stakeholders, including the youth towards changing the narrative and reposition the country to greater exploit.
Also speaking, the representative of the Executive Secretary of Tertiary Education Trust Fund (TETFUND), Sonny Echono, appealed to the youths is to eschew social vices that could deter their full potential in life.

Other speakers at the event, including the Chairperson, Zero Tolerance for Social Immoralities Initiative (ZEITI) Africa, Rasak Jeje called on all stakeholders to join hands in collective pursuit of empowering new generation of leaders to curb the rising tides of social Vice among Nigerian youths.

The Chairperson, Zero Tolerance for Social Immoralities Initiative (ZEITI) Africa, Rasak Jeje made the call while addressing journalists at the 2nd edition of it Leadership Trainings Programme in Abuja on Thursday.
He said the training was aimed to intimate students leaders with knowledge and insights that will help them drive positive change and become exemplary leaders in their respective spheres.

Continue Reading

Finance

AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC

Published

on

The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.

In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.

AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.

“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.

Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.

We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).

No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”

In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.

‘’The money has been paid into public account,” Dele Oyewale was quoted as saying

Continue Reading

Trending