PARTNERSHIP

Family Bank partners with WellWise solutions to provide credit to private healthcare practitioners

The Bank has set aside Sh1.3 billion geared towards growing the Micro, Small and Medium-Sized Medical Enterprises

In Summary
  • The Bank has set aside Sh1.3 billion geared towards growing the Micro, Small and Medium-Sized Medical Enterprises (MSMMEs) during this COVID-19 pandemic and beyond thus increasing access to quality healthcare services.
  • This five-year partnership pools together different stakeholders in the healthcare industry and seeks to target over 2,000 private and faith-based medical facilities.
Family Bank branch at City Hall Annexe, Nairobi. /FILE
Family Bank branch at City Hall Annexe, Nairobi. /FILE

Micro, Small and Medium-Sized Medical Enterprises can now access affordable financing options with flexible repayment arrangements through a partnership between Family Bank and Wellwise Solutions.

“Our main aim is to ease access to capital for private healthcare entrepreneur’s hence promoting the provision of quality essential healthcare services, acquisition of new technology and increase employment rate within the sector,” Family Bank CEO Rebecca Mbithi said.

The Bank has set aside Sh1.3 billion geared towards growing the Micro, Small and Medium-Sized Medical Enterprises (MSMMEs) during the Covid-19 pandemic and beyond thus increasing access to quality healthcare services.

 

According to a research by Wellwise Solutions that sought to understand the challenges faced by MSMMEs, 35 per cent of the challenges are location and infrastructure expenses, 30 per cent are equipment and technology costs, while 15 per cent are manpower and other working capital expenses.

“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,” Wellwise Solutions founder Stephen Njuguna said.

He also added that 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.

The MSMMEs will be able to access credit to procure medical equipment, pharmaceuticals and non-pharmaceuticals, acquire working capital, hospital construction and finance infrastructure development.

This five-year partnership pools together different stakeholders in the healthcare industry and seeks to target over 2,000 private and faith-based medical facilities.