This archive report was first published on 14 May 2020.
On May 14, 2020, Family Bank and Wellwise Solutions announced a partnership to provide affordable financing options to private healthcare providers in Kenya.
The partnership aims to address the growing capital needs in the healthcare system, which is critical to a healthy nation and the growth of the economy. Family Bank has set aside Ksh 1.3 billion to support Micro, Small and Medium-Sized Medical Enterprises (MSMMEs) during the COVID-19 pandemic and beyond.
According to Rebecca Mbithi, Family Bank's Chief Executive Officer, the partnership provides a one-stop solution with easy access and reliable financing options for private health sector entrepreneurs. 'Our main aim is to ease access to capital for Private Healthcare Entrepreneurs, promoting the provision of quality essential healthcare services, acquisition of new technology, and increase employment rate within the sector,' she said.
Wellwise Solutions' research found that 35% of challenges faced by MSMMEs are location and infrastructure expenses, 30% are equipment and technology costs, and 15% are manpower and other working capital expenses.
Dr. Stephen Njuguna, Wellwise Solutions' Founder, emphasized the importance of the partnership in addressing the challenges faced by private healthcare providers. '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.'
