NAIROBI, Kenya, Feb 2 – NCBA Bank has signed a partnership deal with pan-African housing development financier Shelter Afrique to provide mortgage finance to buyers in five counties.
Under the agreement, NCBA will offer mortgage finance to over 200 housing units developed by Shelter Afrique and spread across Nairobi, Mombasa, Kisumu, Kiambu and Machakos counties.
The developments include maisonettes and apartments ranging from Sh5.5 million to Sh20.25 million.
Speaking on the partnership, Shelter Afrique’s Group Managing Director and Chief Executive Officer, Andrew Chimphondah said Shelter Afrique’s strategic focus is on rapidly closing the housing deficits that are prevalent across Africa.
“This cannot be accomplished by one institution- it requires a shared vision and goal. NCBA has proven to be a reliable partner time and time again and we are happy to play our part in addressing the housing shortage in Kenya,” Chimphondah said.
Commenting on the agreement, NCBA’s Head of Property Finance Stella Mutai said the bank will continue to seek partnerships in order to improve access to housing within the country and the region.
“This is an exciting partnership with Shelter Afrique as we work together to bridge the housing gap across the country and the region. The huge volume of houses that our country needs will require closer partnerships to help meet the growing housing needs in our major cities and towns,” said Stella.
Shelter Afrique offers a range of housing products in Kenya and across the continent with a focus on affordable, modern and functional units fitted with the most advanced construction solutions within master-planned communities. In Kenya, Shelter Afrique has a portfolio of existing projects and is rolling out several new housing developments in support of the Big 4 Agenda of the Government of Kenya.
Shelter Afrique is a wholesale market maker both on the supply and demand sides of the housing sector. Its primary interventions are the financing of large-scale affordable housing projects on the continent and the supply of long-term finance for mortgages.
The property finance unit at NCBA Bank seeks to provide customers with end to end solutions. NCBA Bank property loans cover purchase of plots, single residential or commercial units, purchase of multiple residential or commercial units, purchase of office blocks, Go Downs or light industrial property.