Kenya Mortgage Refinance company launched
The President has today launched the Kenya Mortgage Refinancing Company (KMRC) at a Nairobi hotel in the presence of Treasury Cabinet Secretary Henry Rotich.
· Treasury Cabinet Secretary Henry Rotich is set to unveil the Kenya Mortgage Refinancing Company (KMRC) today. During the event, the CS will also make public the stakes held by various shareholders in the company.
· The mortgage refinancing companies are expected to provide long term refinancing to primary lenders and speed up construction of the 500,000 housing.
What is Kenya Mortgage Refinance Company? KMRC is a financial institution that will be established to support long-term lending to Primary mortgage lenders (pml) such as banks by providing mortgage liquidity facility. The purpose of establishing KMRC is to offer the housing finance market in Kenya a credible, professional and high-quality large-scale medium to long-term refinance.
Kenya’s President Uhuru Kenyatta launched the Kenya Mortgage Refinance Company (KMRC), a financial institution whose sole function is to provide long-term loans to primary mortgage lenders. The move to provide long-term cheaper funding to primary mortgage providers including banks , Microfinance.
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Kenya Mortgage Refinancing Company is a step in the right direction towards making the Government initiative of providing 500,000 homes per year till 2022 come to effect. We expect the body to result to a rise in (i) number of mortgage lenders, (ii) the number of mortgage undertakings, and thus (iii) increased uptake of homes by the low-income.
According to the World Bank, the main challenge for the Tanzanian Mortgage Refinance Company was lack of access to long-term funds among lenders in Tanzania. This is a challenge that is also likely to face the Kenya Mortgage Refinancing Company, thus negatively affecting its operations because of inadequate funding.
Uhuru noted South Africa, as an example, boasts of a mortgage sector accounting for 31% of its GDP. "We expect the refinance company to significantly contribute to the development of the housing finance market in Kenya.by increasing the number of mortgages from the current 26,000 to over 60,000 by the year 2022," he said.