Micro, Small and Medium-Sized (MSMEs) Medical Enterprises have received support from Family Bank to access affordable financing options with flexible repayment arrangements.
The partnership was signed between Family Bank and Wellwise Solutions.
Family Bank CEO Rebecca Mbithi said the deal aims to ease private health practitioners service delivery by supporting them financially.
“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,” said Mr. Mbithi.
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.
Njuguna 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.
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.
The deal will run up to five years, pooling together different stakeholders in the healthcare industry.
The partnership also targets over 2,000 private and faith-based medical facilities.