Norsad Capital, an impact investment firm and private credit provider, has structured a facility to aid Ruai Family Hospital (with guidance from Noblestride Capital) in enhancing access to affordable oncology healthcare for the lower and middle-income residents of Nairobi.
Kenya grapples with significant healthcare hurdles, particularly in densely populated areas of Nairobi where full-service healthcare options are limited or absent. Cancer stands as the third leading cause of death and the second most prevalent noncommunicable disease in Kenya after cardiovascular diseases. According to RFH, cancer incidents are on the rise, with reported numbers of 47,887 new cases in 2018 and 42,116 new cases in 2020.
Dr. Maxwel Okoth, Founder and Group Managing Director at RFH, states, “The increasing demand for affordable cancer diagnosis and treatment, along with the strain on public hospitals due to inadequate critical equipment, has compelled us to introduce this service to the Kenyan population.”
“Our primary goal is to ensure access to top-notch medical practices and state-of-the-art technological advancements, all delivered at affordable rates, to cater to patient needs. Norsad’s investment will enable us to finalize the construction of the oncology center, providing access to high-quality oncology care for cancer patients throughout Africa,” he adds.
Additionally, the infusion of funds aims to generate significant employment opportunities for the local community during the construction and operation of RFH’s oncology center. Local businesses will also experience financial gains as materials will be sourced from within the community. Overall, the project is set to offer economic advantages to the local population, thereby invigorating economic activity in Nairobi.
Alice Zulu, Investment Director at Norsad Capital, remarks, “With Norsad’s strategy of diversifying into Sub-Saharan Africa, we are excited to support RFH’s growth strategy. The funding will play a pivotal role in assisting RFH in completing its oncology center, which will offer comprehensive care and diagnostic services, including PET Scans, linear accelerator scans, MRI Machines, CATHLAB, Mammograms, and more.”
This investment reinforces Norsad’s commitment to expanding soft and social infrastructure, aiming to enhance healthcare access for underserved communities. Furthermore, the project aligns with the core human rights of access to quality equitable healthcare and well-being, in line with the United Nations Sustainable Development Goals (SDGs) 3 (good health and well-being) and 10 (reduced inequalities).
Zulu adds, “We acknowledge the significance of healthcare access and its alignment with our vision of building a better Africa,” highlighting that a robust healthcare system not only supports sustainable livelihoods but also elevates overall quality of life for the population.
Emerging from humble beginnings in 2011, RFH Healthcare has evolved from a modest venture rooted in a one-bedroom apartment to a prominent advocate of female empowerment. It fulfills the 2X Challenge’s investment criteria for leadership (with female board representation), employment, and consumption by providing access to maternity wards, gynecologists, obstetricians, and other specialized services for women.