Banking on Healthcare: How Nigerian Banks Can Offer More Than Just Financial Services

Access to quality healthcare is a fundamental human right. Unfortunately, many people around the world do not have access to adequate healthcare services due to various reasons, such as the cost of healthcare, a lack of healthcare facilities in their area, and the absence of medical insurance. To bridge this gap, some Nigerian banks have started to offer healthcare services to their customers.

Some banks like Union Bank, Wema Bank, and Sterling Bank now offer telemedicine services via partners to their clients. Union Bank had initially partnered with telemedicine provider LiveMD in 2021, and this was followed a year later with MobilHealth International. While Sterling Bank has a partnership with Tremendoc and Wema Bank with Health Connect 24/7.

While Carbon Finance, a credit-led digital bank, partnered with CarePay to help provide its customers with discounted services for their healthcare needs.

Access Bank has partnered with Hygeia HMO to offer a health insurance plan, which provides quality healthcare coverage at a reduced cost. The plan offers an annual and monthly subscription option, as well as access to telemedicine consultations and accommodation for up to three days.

However one of the better known service is that offered by GTBank, BetaHealth which provides immediate access to affordable health insurance for all Nigerians, with a special focus on individuals with low incomes. For a monthly subscription fee of only N500, BetaHealth offers coverage for essential and basic health services, including general consultations, antenatal care, and treatment for common conditions like malaria.

The provision of health services by Nigerian banks is a welcome development as it helps to make healthcare more accessible to Nigerians. It is also a step in the right direction towards achieving universal health coverage in the country. By offering medical insurance, and access to a network of healthcare providers, these banks are making it easier for their customers to access quality healthcare services without breaking the bank.

One common thread among the different services being offered by the different banks is the lack of preventive health service and personalized health education, and this is important for the following reasons:

• Prevention is better than cure: Preventive care services are designed to identify and address potential health problems before they become serious. By providing regular checkups and screening tests, healthcare providers can detect early signs of disease and take action to prevent them from becoming more severe.
• Cost-effective: Preventive care services are generally less expensive than treating advanced diseases. Providing preventive care can reduce the overall cost of healthcare and save money for both patients and healthcare providers.
• Improve overall health outcomes: By promoting healthy lifestyles and encouraging preventive measures, personalized health education and resources can help people make informed decisions about their health. This can lead to better health outcomes, including lower rates of chronic diseases, reduced hospitalizations, and improved quality of life.
• Empower patients: Personalized health education and resources can help patients take an active role in managing their health. By providing information and resources that are tailored to the patient’s specific needs, healthcare providers can empower patients to make informed decisions about their health and take control of their health outcomes.
• Enhance patient satisfaction: Patients who receive personalized health education and resources are more likely to be satisfied with their healthcare experience. By providing resources that are tailored to their needs and preferences, healthcare providers can improve patient engagement and satisfaction.

Preventive Care Services

Offering preventive care services can be a significant value-add for the bank customers. Preventive care services can include regular health check-ups, health screenings, and vaccinations. This can help detect and manage any potential health issues before they become more serious, which can be more expensive and difficult to treat. Preventive care services can also be tailored to specific populations, such as women’s health services, child health services, and services for chronic illnesses.

Technology can play a critical role in offering preventive care services. For example, remote monitoring and telemedicine technologies can be used to monitor patients’ health remotely and help detect early warning signs of any potential health issues. This can be especially useful for customers who may not have access to healthcare providers in their local areas or who may have difficulty traveling to clinics.

Moreover, mobile apps can be used to send reminders and alerts to subscribers regarding upcoming preventive care appointments or tests, which can help ensure that customers stay up to date with their health check-ups.

Personalized Health Education and Resources

Providing health education and resources can help customers make more informed decisions about their health and wellness. This can include educational materials and online resources on topics such as healthy eating, exercise, stress management, and chronic disease management. Additionally, community outreach programs, such as health fairs, seminars, and workshops, can help educate customers about important health topics.

Personalized messaging and health education would also be an essential aspect of enhancing the quality of the services provided by Nigerian banks. By providing personalized health messages and education, banks can educate their customers on health risks and the necessary preventive measures they can take to avoid them. This would enable customers to take proactive measures to improve their health outcomes and prevent the onset of chronic diseases.

Technology can also be utilized to provide health education and resources. For instance, an online portal or mobile app can be used to provide customers with access to a wide range of educational materials on various health topics. Interactive tools, such as symptom checkers and health risk assessments, can be embedded within these portals to help customers identify any potential health risks.

Furthermore, social media can be used to reach out to customers and provide them with relevant and engaging health content, which can help them stay motivated and engaged with their health and wellness goals.

Both these services can be further enhanced with online health risk assessments and trackers, as well as personalized messaging and health education, can significantly improve the quality of the services provided.

Online health risk assessments are web-based tools that enable individuals to assess their risk of developing certain health conditions based on their lifestyle and medical history. By completing an online health risk assessment, individuals can identify potential health risks, take necessary precautions, and work towards improving their health outcomes.

Integrating this feature into the telemedicine services and health savings accounts provided by banks would enable customers to better understand their health status and take necessary actions to maintain or improve their health.

Trackers, on the other hand, are digital tools that enable individuals to monitor their health metrics such as weight, blood pressure, and blood sugar levels. The integration of trackers into telemedicine services and health savings accounts would enable customers to monitor their health status continuously, get alerts on any unusual changes, and take necessary action to prevent further complications.

Furthermore, personalized messaging and health education could be based on data derived from online health risk assessments and trackers. This data would enable banks to provide customized and targeted health education to their customers. For example, if a customer has a high risk of developing diabetes based on the online health risk assessment, the bank could provide them with personalized messages and education on diabetes prevention.

The provision of health services by Nigerian banks is a laudable initiative that has the potential to improve the health outcomes of Nigerians. As more banks begin to offer healthcare services to their customers, more Nigerians will have access to affordable healthcare services. It is hoped that this trend will continue, and more financial institutions will join in the effort to make healthcare accessible to all Nigerians.