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Kenya

KCB in deal to boost mortgages, sends 30 developers to Brazil

HOUSE-GREENPARKNAIROBI, Kenya, Feb 11 – The Kenya Commercial Bank (KCB) Kenya has partnered with three companies to offer added value to the lender’s mortgage customers, as it seeks to push up uptake of housing products.

The bank said the partnership with Chloride Exide, East African Cables, and Crown Paints will benefit existing developers in its book as well as new customers, giving them an enhanced product proposition.

In the partnership with East African Cables, developers will enjoy up to 20 percent discount on cables bought from the Nairobi Securities Exchange-listed cable maker.

KCB mortgage customers purchasing paints from Crown Paints will access up to 35pc in price cuts while those buying solar water heating systems from Chloride Exide will be given at least 25 percent in discount. They will also enjoy free installation upon purchase.

KCB Bank Kenya announced the deals during a send-off ceremony for 30 developers who will be leaving the country for a fact-finding two-week trip to Brazil. The developers depart on February 29.

KCB Chief Business Officer and Managing Director, Kenya Samuel Makome said the bank was keen on partnerships meant to better meet the needs of the modern customer.

“We have worked out a comprehensive plan meant to boost home ownership and development across the country, hinged on offering an expanded product proposition” said Makome.

“The Brazil trip is not only aimed to broaden their business scope but also to expose them to modern architectural designs which they could transfer to Kenya upon their return. We hope to transfer technologies and advancements in the developed economies to the real estate industry in this country and our region and positively change the industry altogether,” said Makome.

To meet the growing housing demand, the bank is continuously reviewing its policies to partner with stakeholders both locally and internationally to effectively oversee and facilitate greater customer benefits. Increasingly, consumers are also demanding more than efficient banking services and are hunting for enhanced product and service proposition.

KCB has at least 450 active members in its Developers Club which brings together developers across the country.

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A recently released Lamudi 2015 report on Kenya’s real estate projects that 2016 will mark a significant change for the housing industry.

Migration away from metropolitan areas, infrastructure improvements and increased international interest from investors are just some of the expected developments for real estate markets within emerging nations.

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