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Equity Group, a leading financial services group led by Kenyan businessman James Mwangi, has announced its ambitious goal to establish 300 fully operational hospitals in Kenya by 2025.
The initiative is aimed at enhancing accessibility and affordability in the country’s healthcare sector.
During his speech at the 13th annual Regional Education and Leadership Congress for Wings to Fly and Elimu Scholarship Program beneficiaries, Mwangi, the managing director of Equity Group and one of the richest businessmen in the country, announced the launch of Equity Afya, a franchise aimed at transforming and revolutionizing healthcare in the country.
“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,” he said.
“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 added.
According to Mwangi, the franchise is closely monitored by the Equity Group Foundation and Equity Bank, ensuring customers receive the best possible care, and will charge 40-percent less than other clinics in Kenya in a deliberate move aimed at providing high-quality healthcare at affordable rates.
The planned launch of the new hospitals under Equity Afya, follows Equity Group’s record-breaking profit of Ksh46.1 billion ($350 million) at the end of the 2022 fiscal year, solidifying its position as East Africa’s most profitable lender.
According to its 2022 financial report, Equity Group’s profit rose by 15 percent from Ksh40.07 billion ($304.2 million) to Ksh46.1 billion ($350 million) due to growth in its interest income from Ksh68.8 billion ($522.4 million) to Ksh85.99 billion ($653 million), during the period under review.
