Kenya’State Mortgage financier KMRC has unveiled plans to add the International Finance Corporation and Shelter Afrique as new shareholders. This is after the home loans financier held its AGM that saw the crafting of its financing strategy and appointing directors.
According to the first virtual AGM, KMRC revealed raising Sh2 billion as capital from shareholders including the National Treasury. The commitment further features 20 primary mortgage lenders, eight banks, eleven savings and credit cooperatives plus a micro-finance bank. .
Further, the AGM sees IFC and Shelter Afrique admitted as KMRC shareholders after both firms established financial commitments. Both the World Bank private sector arm and the Pan-African based housing developer set contributions of Sh200 million towards the kitty.
KMRC CEO Johnstone Olteita also reveals plans to use it constituted board to offer long-term financing to a local lender. The move will use an effective mechanism through which local banks will help disburse to Kenyans at low-interest terms.
“With the facilitation and support of the board, we are now properly and fully equipped to play our role in revolutionising the home loans market in Kenya, while making homes affordable for as many of wananchi as possible,” said Mr Oltetia.