Healthcare in Africa is at a crossroads. While the continent witnesses rapid technological and infrastructural growth, a persistent problem remains: sustainable financing. Hospitals struggle to stay afloat, patients often pay out-of-pocket, and access to quality care remains uneven. Amidst these challenges, Tosin Runsewe stands out as a leader tackling the healthcare paradox head-on, combining deep financial expertise, insurance knowledge, and a bold vision for systemic reform.
Tosin Runsewe is the founder and CEO of AfyA Care, an integrated healthcare investment and service company focused on making healthcare in Sub-Saharan Africa accessible, affordable, and sustainable. He is also Chairman of Evercare Hospital, Nigeria’s first scaled private tertiary hospital in decades, a facility that represents a new benchmark in quality care in the country. But Tosin’s path to transforming healthcare began far from hospitals.
Fresh out of school, Tosin entered the banking world, joining Crédit Lyonnais Bank in 1992. His career soon led him to Guaranty Trust Bank, where he spent nine years honing expertise in corporate finance, treasury, and investment. In 2004, a pivotal opportunity came knocking: the CEO of Mansard approached him to revamp a recently acquired insurance company. Despite having minimal knowledge of insurance, he embraced the challenge, guided by curiosity and a desire to make an impact.
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He quickly realized that health insurance was the area of greatest unmet demand. A market survey revealed that 80% of potential clients prioritized healthcare coverage, but the company lacked a license to offer it. Undeterred, Tosin led the launch of Mans HMO in 2013, bridging the gap between public need and private solutions. Yet he saw a deeper issue: the majority of Nigerians were paying for healthcare out-of-pocket, often receiving care from small clinics ill-equipped to handle complex medical needs.
“This gap stayed with me,” Tosin reflects. “Insurance alone was not enough. Real transformation required intervention on both the provider and financing sides.”
This insight became the seed for AfyA Care. Tosin envisioned a platform that would consolidate fragmented healthcare facilities, attract skilled medical professionals, leverage both equity and debt financing, and use technology to improve efficiency and reach. The goal was ambitious: create a model where high-quality healthcare could be accessible to ordinary Nigerians without forcing them into financial hardship.
AfyA Care’s strategy rests on three pillars. First, health insurance. Coverage in Nigeria remains low, with only 9% of the population insured. AfyA Care aims to expand coverage through innovative products, tech-enabled distribution, and lessons from emerging markets such as India. Second, hospital standards. Small clinics dominate, often unable to provide consistent, high-quality care. By consolidating hospitals and scaling operations, AfyA Care reduces costs, improves patient experience, and attracts top medical talent. Third, technology and innovation. Inspired by fintech’s revolution in banking, AfyA Care employs digital tools to streamline operations, improve service delivery, and broaden healthcare access.
Tosin’s philosophy is shaped by leaders who invested in people, nurtured talent, and imagined possibilities where others saw limitations. He brings this mindset to healthcare, empowering his teams to tackle systemic problems with creative solutions and long-term thinking.
The stakes are high. Nigeria loses over $1 billion annually to medical tourism. Per capita healthcare spending hovers around $75. About 70% of healthcare costs are out-of-pocket, and life expectancy averages just 55 years. These are the realities AfyA Care confronts every day. “We are not just selling insurance or building hospitals,” Tosin says. “We are trying to change the system itself, creating sustainable impact that lasts generations.”
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Tosin’s credentials reflect the breadth of his expertise. He holds an M.Sc. in Financial Economics from the University of London and completed the Advanced Management Programme at Harvard Business School in 2009. Between 2004 and 2019, he led the development of one of Nigeria’s largest non-bank financial services groups, covering health, life, and property insurance, as well as asset management. Today, through AfyA Care and Evercare Hospital, Tosin is rewriting the rules of healthcare delivery in Nigeria, merging financial acumen with social purpose.
Beyond the statistics and strategies, Tosin’s story is one of vision, resilience, and determination. It is the story of a man who saw a fragmented healthcare system not as an insurmountable challenge, but as an opportunity to build something transformative, a legacy that could reshape healthcare across Sub-Saharan Africa.
