NAIROBI, Kenya, May 12 – Family Bank has set aside Sh1.3 billion geared towards growing the Micro, Small, and Medium-Sized Medical Enterprises during this COVID-19 pandemic and beyond, with the aim of increasing access to quality healthcare services.
The bank has partnered with Wellness Solutions to enable medical enterprises to access credit to procure medical equipment, pharmaceuticals and non-pharmaceuticals, acquire working capital, hospital construction and finance infrastructure development.
Family Bank CEO Rebecca Mbithi says the 5-year partnership pools together different stakeholders in the healthcare industry and seeks to target over 2,000 private and faith-based medical facilities.
Mbithi says the facility will provide a one-stop solution with easy access and reliable financing options for the private health sector, especially, during these tough economic times.
“Our main aim is to ease access to capital for private healthcare entrepreneurs hence promoting provision of quality essential healthcare services, acquisition of new technology and increase employment rate within the sector,” she said.
According to a research by Wellwise Solutions that sought to understand the challenges faced by Micro, Small and Medium-Sized Medical Enterprises (MSMMEs), location and infrastructure expenses are the leading challenges at 35 percent, followed by equipment and technology costs at 30 percent while manpower and other working capital expenses account for 15 percent.
Wellwise Solutions Founder Dr. Stephen Njuguna said the partnership comes at a crucial time when the world is experiencing challenges due to weak healthcare systems that have been exposed by the pandemic.
“At the hospital level, access to financing means that facilities will be properly equipped, with adequate infrastructure, medicines and staffing, enabling Kenyans to enjoy more accurate diagnostics, and overall improved quality of healthcare services,” he said.
“Access to affordable healthcare financing will assist private healthcare providers to offer reliable, timely, cost-effective and sustained healthcare processes which will result in improved quality of healthcare services, ultimately accelerating the momentum towards Kenya achieving Universal Health Coverage,” he added.