This archive report was first published on 12 May 2020.
On May 12, 2020, Family Bank announced a significant investment of Sh1.3 billion to support Micro, Small, and Medium-Sized Medical Enterprises in Kenya.
The bank has partnered with Wellness Solutions to provide medical enterprises with access to credit for procuring medical equipment, pharmaceuticals, and non-pharmaceuticals, as well as working capital, hospital construction, and infrastructure development.
Family Bank CEO Rebecca Mbithi emphasized the importance of this partnership, stating that it aims to target over 2,000 private and faith-based medical facilities.
According to a research by Wellwise Solutions, location and infrastructure expenses are the leading challenges faced by Micro, Small and Medium-Sized Medical Enterprises, accounting for 35 percent, followed by equipment and technology costs at 30 percent, and manpower and other working capital expenses at 15 percent.
Wellwise Solutions Founder Dr. Stephen Njuguna highlighted the significance of this partnership, saying that it comes at a crucial time when the world is experiencing challenges due to weak healthcare systems exposed by the pandemic.
