Family Bank Partners with Wellwise Solutions to Provide Affordable Credit to Private Healthcare Practitioners

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

This partnership seeks to address the growing capital needs witnessed in the healthcare system, that 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) especially during this COVID-19 pandemic to ensure that people can access the closest affordable healthcare clinic or hospital.

“We believe that this provides a one-stop with easy access and reliable financing options for the private health sector, especially, during these tough economic times as a result of the coronavirus pandemic. Our main aim is to ease access to capital in the healthcare sector and promote access to quality essential healthcare providers, 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 Micro, Small and Medium-Sized Medical Enterprises (MSMMEs) face is that 35 per cent of the challenges are location expenses, 30 per cent are equipment and technology costs while 15 per cent are manpower and maintenance expenses.

“This strategic partnership comes at a timely season and will support the growth of the private health sector by enhancing access to quality healthcare services, reducing the costs of healthcare that will relieve the financial burden of the citizens, create jobs and ultimately accelerate the momentum towards Kenya achieving Universal Health Coverage,” said Wellwise Solutions Founder Dr. Stephen Njuguna. “At the hospital level, access to financing means that hospitals will be properly staffed and Kenyans will be able to enjoy more accurate diagnostics and better quality of life,” he added.

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 medical practitioners.