This archive report was first published on 6 September 2019.
On September 6, 2019, the Kenya Mortgage Refinance Company (KMRC) announced that it had secured Ksh 1 billion in funding from a group of local banks, SACCOs, and international organizations.
The funding was provided by KCB, Cooperative Bank, DTB, NIC/CBA, HF Group, Barclays Bank, Stanbic Bank, Credit Bank, Kenya Police SACCO, Safaricom SACCO, Mwalimu National SACCO, the International Finance Corporation, Shelter Afrique, Kenya Women Finance Trust (KWFT), and the National Treasury.
According to the company's structure, KCB is set to receive the largest share, approximately 25.3%, after investing Ksh 600 million. The National Treasury is expected to become the single largest shareholder once it pays the full Ksh 800 million.
Co-operative Bank will receive 8.4% from its KSh 200 million investment, while NIC/CBA, HF Group, Barclays Bank, and DTB Group will each receive 2.1% after investing KSh 50 million each. Stanbic Bank will receive 0.8% from its Ksh 20 million investment, and Credit Bank will receive 0.4% from its KSh 10 million.
The International Finance Corporation and Shelter Afrique will each receive an 8.4% stake for their KSh 200 million investment.
Established in April 2018, the Kenya Mortgage Refinance Company is a limited liability company under the Companies Act 2015, with the sole purpose of providing secure long-term funding to primary mortgage lenders (banks and SACCOs) to increase the availability and affordability of housing loans to Kenyans.
