Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
COURTESY

Kenya

Family Bank sets aside Sh1.3bn, signs partner to extend credit to medical enterprises

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.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...