Equity Group, a leading financial services group has announced plans to establish at least 300 hospitals in Kenya by 2025.
According to a report on Billionaires Africa, the move is aimed at enhancing accessibility and affordability in the country’s healthcare sector.
Equity Group Managing Director James Mwangi announced the launch of the franchise dubbed, Equity Afia, while speaking at the 13th annual Regional Education and Leadership Congress for Wings to Fly and Elimu Scholarship Program beneficiaries.
“We have created a franchise called Equity Afya for those who have done medicine, we want to transform and disrupt health in this country to make it affordable, reliable, and dependable for all
“Our aspiration is that by the end of this year, 150 health clinics shall have been opened by Equity. By 2025, we are confident we shall have established and operationalized 300 hospitals in Kenya,” Mwangi noted.
Mwangi further mentioned that the franchise will be closely monitored by Equity Group and Equity Bank to ensure customers get the best care.
Additionally, the clinics will charge 40 percent less than other clinics in Kenya.
As earlier reported on WoK, Equity Group, in 2022, announced plans to launch a Ksh 250 billion kitty for small business owners under the government’s Hustler Fund.
Hustlers Fund which provides loans to small businesses that have failed to secure loans from banks was launched in December.
Equity Bank said it will offer loans to small businesses that will repay at least two loans on time under Huster Fund.
The announcement came a day after the bank reported a 26.6 growth in net profit for nine months through September.
In their report, the financial services group attributed the growth to increased earnings from interest and non-funded income streams.
Equity Bank’s profit after tax and minority interest hit Ksh 33.35 billion, a Ksh 7.1 billion increase from Ksh 26.34 billion in the same period last year.
The lender reported that earnings from lending rose to Ksh 59.84 billion, a 23.43 increment.
Non-interest income from transactions increased by 32.06 percent to Ksh 42.22 billion, while customer deposits went up by 15.07 percent to Ksh 1.007 trillion.
The bank’s loan book expanded 20.55 percent to Ksh 673.91 billion, while operating costs rose to Ksh 57.74 billion.
