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.
This partnership seeks to address the growing capital needs witnessed in the healthcare system, which is not only critical to a healthy nation but also to the growth of the economy. The Bank has set aside KES 1.3 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.
“We believe that this provides 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,” said Family Bank Chief Executive Officer Rebecca Mbithi.
According to a research by Wellwise Solutions that sought to understand the challenges faced by Micro, Small and Medium-Sized Medical Enterprises (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.
This strategic 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,” said the Wellwise Solutions Founder Dr. Stephen Njuguna.
Access to affordable healthcare financing will assist private healthcare providers to offer reliable, timely, cost-effective and sustained healthcare processes resulting in improved quality of healthcare services, ultimately accelerating the momentum towards Kenya achieving Universal Health Coverage
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.