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New partnership to ensure home ownership

18 February 2014, 16:02

Nairobi - Shelter Afrique and Rafiki Microfinance Bank have launched a partnership that will extend credit facilities to low-end earners to enable them to own homes.

Through the partnership, Rafiki Microfinance has committed KES 700 million into funding of the alliance and will disburse loans of between KES 20,000 and KES 5 million for home improvements and new constructions.

Shelter Afrique on its part has availed a loan facility estimated at KES100 million to be reviewed upon demand.

The partners have shown interest in exploring housing opportunities in the counties and pointed out infrastructure as being key to towards the development.

“The day we have connectivity it will help to solve the problem of housing in areas that are far from the cities,” said. Alassane Ba, Managing Director for Shelter Afrique.

Rafiki Microfinance Chief Executive Officer, Daniel Mavindu, said that there were about 20,000 mortgage accounts in the country with a population of more than 40 million people, which showed that there was a low level of home ownership.

The Mortgage Company (TMC) had earlier in the year warned that if banks continued to hold on to high mortgage rates the housing market, the country would continue to be a preserve of the elite. If more companies continued to make it easier for people with low income to access mortgages and loans, then home ownership would increase and the housing market will cease to be a preserve for the rich, the company added.

- CAJ News

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