Equity Group, a renowned financial services firm led by Kenyan businessman James Mwangi, has set a lofty goal of establishing 300 fully operational hospitals in Kenya by 2025.
The effort aims to improve access and affordability in the country’s healthcare sector.
Mwangi, the managing director of Equity Group and one of the country’s richest businessmen, announced the launch of Equity Afya, a franchise aimed at transforming and revolutionizing healthcare in the country, during his speech 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,” 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 overseen by the Equity Group Foundation and Equity Bank to ensure customers receive the best possible care, and it will charge 40% less than other clinics in Kenya in a conscious endeavor to provide high-quality healthcare at accessible costs.
The anticipated introduction of the new hospitals under Equity Afya comes on the heels of Equity Group’s record-breaking earnings of Ksh46.1 billion ($350 million) at the end of the fiscal year 2022, cementing its status as East Africa’s most successful lender.
According to its 2022 financial report, Equity Group’s profit increased by 15% during the period under review, from Ksh40.07 billion ($304.2 million) to Ksh46.1 billion ($350 million), primarily to an increase in interest income from Ksh68.8 billion ($522.4 million) to Ksh85.99 billion ($653 million).