Entrepreneurship Zone: 18 November 2024: Nigerian entrepreneur among Africa’s top 10 business heroes

Mon Nov 18 12:50:04 CAT 2024

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Entrepreneurship Zone: 18 November 2024: Nigerian entrepreneur among Africa’s top 10 business heroes

Mobolaji Ajayi

Mobolaji Ajayi, the Nigerian founder and CEO of Purelife Pharmacy, has been named one of the top 10 finalists in the Africa’s Business Heroes Prize Competition. Selected from around 20,000 applicants across all 54 African nations, Ajayi will compete in the final round in Kigali, Rwanda, this December.

Ajayi identified a gap in Nigeria’s healthcare market, envisioning a pharmacy that offers both medication and primary care services – a need she recognised as pharmacies often serve as the first point of contact for many Nigerians seeking healthcare. In 2021, she launched Purelife Pharmacy’s first physical location in Lagos, securing initial funding from her family. Since then, the business has generated revenue ten times its initial investment, operating entirely on a bootstrapped model.

In 2023, Purelife expanded its reach by introducing a digital platform, allowing users to purchase healthcare products, consult with doctors, and book lab services, including blood and urine tests, as well as vaccinations. While Purelife provides some of these services directly, it also collaborates with third-party providers, earning a commission when patients are referred to these external partners.

Purelife has also expanded its physical presence to four branches across Lagos. In addition to serving walk-in customers, the stores act as fulfilment centres for the company’s online business. Currently, about 25% of Purelife’s sales occur online, though the CEO expects this share to grow over time.

Commenting on the under-exploited opportunities in Nigeria’s healthcare sector, Ajayi points to the potential in providing homecare for patients. “People are now tilting towards convenience. People are tilting towards cheaper alternatives to accessing care. I believe that’s one sector that would be a goldmine.”

—Howwemadeitinafrica

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