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KCB signs up for mortgage refinancing firm

KCB Bank Kenya has formally signed up for the Kenya Mortgage Refinance Company (KMRC), a non-deposit taking entity meant to drive affordable mortgages in Kenya.

KMRC, a private-public investment, majority owned by the private sector (80%) and the balance (20%) held by the government was launched on Wednesday by President Uhuru Kenyatta in Nairobi.

KCB is one of the main shareholders of the company whose main role is to provide long term funding to primary mortgage lenders (banks, MFIs and Saccos) to increase availability and affordability of mortgage loans. Currently, the private shareholders are eight commercial banks, 11 deposit-taking Saccos and one microfinance institution.

KCB Group Chief Operating Officer Samuel Makome will sit as a member of the KMRC board which was unveiled at the event that was also attended by the Group CEO and MD Joshua Oigara.

The KMRC initiative sits well within KCB focus of driving the growth of the housing sector in Kenya. As a market leader, KCB has been keen to get into partnerships with both private and public sectors in an effort to further grow the housing industry that is at the centre of Kenya’s economic transformation.

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Source: Business Today