This archive report was first published on 1 July 2020.
On July 1, 2020, the Kenya Mortgage Refinance Company (KMRC) held its first Annual General Meeting (AGM), during which its board approved two new shareholders: the International Finance Corporation (IFC) and the Company for Habitat and Housing in Africa (Shelter Afrique).
The meeting, held virtually due to COVID-19 restrictions, saw KMRC's board formally approve the entry of the two new shareholders. The other shareholders include the National Treasury and 20 Primary Mortgage Lenders (PMLs), comprising eight banks, one Micro Finance Bank (MFB), and 11 Savings and Credit Cooperatives (SACCOs).
Speaking at the AGM, KMRC's Acting Chairman, Dr. Haron Sirima, said, “Today's AGM is a key and historic milestone for KMRC. With the facilitation and support of the board, we are now properly and fully equipped to play our role in revolutionizing the home loans market in Kenya, while making homes affordable for as many Kenyans as possible.”
Acting CEO Johnstone Oltetia added, “From an operational standpoint, I can confirm that everything is now in place for us to start providing long-term finance to participating financial institutions, for onward lending to home loan borrowers at affordable rates once KMRC obtains a license.”
Established two years ago, KMRC aims to support the Affordable Housing Pillar of President Uhuru Kenyatta's Agenda Four development blueprint by providing secure, long-term finance to Primary Mortgage Lenders (PMLs), who are then supposed to advance the same to individual borrowers.
