Frequently Asked Questions

Find answers to our most frequently asked questions. Can’t find the answer you're looking for? Email our member support team at support@medikia.com

General Questions

Medikia Finance is an AI-powered financial infrastructure platform built specifically for healthcare businesses in Africa. We serve pharmacies, hospitals, clinics, and medical laboratories, helping them manage payments, payroll, collections, and access working-capital financing all in one place.
No. We are a digital-first financial platform, which allows us to keep operational costs low and pass the savings on to you. However, our headquarters is located in Ibadan, Oyo State, Nigeria, and our support team is always available online.
The safety and security of your account is our highest priority. We use HTTPS and HSTS to ensure secure connections, never store passwords or PINs in plaintext, and employ additional encryption for sensitive data. We also support Time-based One-Time Passwords (TOTP) for two-factor authentication.
Yes. Your funds are insured up to the NDIC (Nigeria Deposit Insurance Corporation) limit. Medikia Finance partners with NDIC-insured commercial and microfinance banks to securely store your deposits.
It takes about 5 minutes to sign up if you have all required documents readily available. On average, it takes 20 minutes for your account to be approved once submitted. However, it can take up to 48 hours if our compliance team needs additional information.
It is totally free to open a Medikia Finance account. We do not charge account opening or monthly maintenance fees. We only charge small, transparent transaction and service-based fees (e.g., 0.2–0.5% on POS payments and competitive rates on credit/invoice financing).

KYC (Know Your Customer)

  • Bank Verification Number (BVN)
  • Certificate of Incorporation
  • CAC registration forms (e.g., CAC 1.1 or Status Report)
  • Valid government-issued ID for all directors (International Passport, Driver’s Licence, Voter’s Card, or National ID Card)
  • Tax Identification Number (TIN) – we can help you with this if needed
  • Proof of address (Recent utility bill)
We use your BVN strictly to verify your identity and comply with Central Bank of Nigeria (CBN) regulations. When you enter your BVN, the only data we retrieve is your name, date of birth, and the mobile phone number attached to it. We do not have access to any of your personal bank accounts, transaction history, or other sensitive financial data.
If you are sure you are entering the correct 4 digits, you will need to visit the bank branch where you originally registered your BVN and request assistance. We have no control over the data returned from the central NIBSS BVN database.
As part of our regulatory KYC/AML obligations, we need to understand as much detail as possible about your healthcare business and the specific products or services you offer. Once our compliance team can confirm these details, your account opening application will be approved.

Products & Services

No collateral is required. Your credit limit is determined automatically through our AI-powered scoring model based on your business's transaction inflows, POS activity, and repayment history.
Our AI analyzes your business inflows, POS transactions, and payroll activity to calculate a dynamic credit score. The higher your score, the more financing you can access instantly, with terms tailored to your specific cash-flow realities.
Yes. We offer corporate debit and expense cards to help you manage operational spending, as well as reliable, low-cost Point-of-Sale (POS) terminals designed specifically to power your clinic, pharmacy, or hospital.
Yes, you can. Medikia Finance partners with major commercial banks. You can deposit cash via any of our partner bank branches. Please refer to the "Cash Deposit" section in your app for the most up-to-date partner locations and instructions.
We’re always excited to connect with healthcare associations, software providers, and organizations who share our mission of powering healthcare sustainably. Please contact our partnerships team at partnerships@medikia.com.


Still have questions?

Our support team is available Monday to Friday, 8:00 AM - 6:00 PM (WAT) to help you get started.

Contact Support