Banks Urged To Accelerate Reducing Health Financing Gap

Financial institutions have been urged to accelerate progress towards health financing to aid in the realization of Universal Health Coverage in the country.

Speaking during an event organized by Medical Credit Fund – East Africa (MCF), Credit Bank CEO Mrs. Betty Korir said that in order to improve access to better quality healthcare in the country, there is a need for concerted effort to address key financial challenges to ensure the sustainability of healthcare systems in the Country.

“The need to invest in the health system has become urgent and critical with the wake of the Covid-19 pandemic,” Mrs. Korir said, adding that, “We recognize that health financing involves the basic functions of revenue collection, pooling of resources, and purchasing interventions. Access to various financial services and products, therefore, is at the heart of these functions, and it is essential that we actively identify mechanisms-financial and non-financial,  that enable seamless and efficient implementations.”

Several Innovative financing models to the healthcare ecosystem to help improve the quality delivery of healthcare services have emerged in the recent past. These innovations enable the players within this ecosystem to access financing, which strengthens the healthcare system and supports the realization of UHC goals. The bank, through its Credit Bank Insurance Agency, facilitates the collective sharing of health risks through access to health insurance products and serves individuals and businesses, consequently reducing the burden to both households and businesses that come with health emergencies.

“The bank has and shall continue to actively facilitate purchasing interventions, particularly at the SME level. Be it purchasing of goods and services, machinery, or other health technologies, Credit Bank shall continue to play an active role in both working with institutions like MCF in co-financing and through trade finance solutions (both funded and non-funded),” Mrs. Korir concluded.

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