The Kenya Mortgage Refinance Company (KMRC) has received funding amounting to Kshs 1 billion from a number of local banks, SACCOs, the International Finance Corporation, Shelter Afrique, Kenya Women Finance Trust (KWFT) and the National Treasury.
The banks include KCB, Cooperative Bank, DTB, NIC/CBA, HF Group, Barclays Bank, Stanbic Bank and Credit Bank.
The SACCOs involved in the investment include Kenya Police, Safaricom, and Mwalimu National.
KCB is set to get the lion’s share among the banks, approximated to 25.3%, having invested a total capital commitment of Kshs 600 million, with The National Treasury set to be the single largest shareholder of the institution once it pays up Sh800 million in full.
Co-operative Bank will get 8.4% from its KShs 200 million, while NIC/CBA, HF Group, Barclays Bank and DTB Group will each receive a 2.1% after investing KShs 50 million each. On the other hand, Stanbic Bank will get 0.8% from its Kshs 20 million whereas Credit Bank will get 0.4% from its KSh10 million.
IFC and Shelter Afrique will each get an 8.4 per cent stake for their investment of Sh200 million each.
The Kenya Mortgage Refinance Company (KMRC), an initiative of National Treasury and World Bank, was incorporated in April 2018 as a Limited liability company under the Companies Act 2015, with the sole purpose of providing secure long-term funding to primary mortgage lenders (Banks & Saccos), in order to increase availability and affordability of housing loans to Kenyans.
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