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The Company turned to profitability by June 2019, posting a modest Sh7.8 million (US$ 78, 000) in half-year profits against budgeted loss of Sh72 million (US$ 0.72m) following a successful execution of a turnaround plan/CFM

Kenya

Shelter Afrique signs iBuild to manage housing projects

iBUILD will provide its platform for project management for Shelter Afrique’s entire portfolio/CFM

NAIROBI, Kenya, Sept 6 – Shelter Afrique has partnered with multi-national fintech startup iBUILD Global to manage its housing projects.

According to the Memorandum of Understanding signed between the two firms, iBUILD will provide its platform for project management for Shelter Afrique’s entire portfolio.

It is also mandated to account for all funds disbursed in Africa on behalf of the pan African organization.

Speaking during the signing ceremony in Nairobi, Shelter Afrique’s Managing Director Andrew Chimpondah said they hoped to use the partnership for capacity building purposes.

“We look to benefit through the partnership by using the platform to increase the training of developers, contractors, artisans and also the reporting of employment. Secondly, investors will be looking at transparency in the money they are lending. Investors want to know where is our money going and how can we have transparency in terms of what that money has delivered within Africa. ” he said.

The partnership will give Shelter Afrique the ability to report data on projects in real time as well as report the impact its financing is creating throughout the projects it supports.

iBUILD’s chairman Lew Schulman stressed the need to have technology at the fore front in reporting information on housing within Africa.

“From the day that they imagine a project we will be able to have all that information in a single repository. They will be able to bid those projects out competitively, start those projects and see the activity as it unfolds. They will be able to report on impact on aspects whether it is how many youths were brought in to the construction industry, whether there are enough masons , electricians, plumbers and if there is the right supply chain in place. ” he said.

iBUILD’s business assessment will start in the next few weeks and it will be tailored to suit different market requirements in the continent . Full integration will commence after mutually agreed upon time line.

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Shelter Afrique is owned by 44 African member governments (Class A shareholders), and by the African Development Bank and Africa-Reinsurance (Class B shareholders).

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