NAIROBI, Kenya, May 17 – Absa Bank Kenya will work with the Kenya Mortgage Refinance Corporation (KMRC) to make affordable housing a reality.
The coalition seeks to bridge the housing deficit currently experienced in the country.
Absa Chief Executive Officer (CEO) Abdi Mohamed said that the plan will enable more Kenyans to own cheap houses.
“On our part I am proud to say we have arguably the best mortgage proposition in the market, and we continue to encourage as many Kenyans as possible to own and live in their homes,” added Mohamed.
With rural-urban migration on the rise, he expects demand for housing to grow even further in urban areas.
“The conversation around affordable housing remains an important theme within the property sector across the region,” the CEO stated.
The meeting, which saw several corporations across Africa converge in Nairobi, underscored the role of commercial banks in pooling resources for the attainment of affordable housing.
They also agreed that the region will continue to see an upsurge in capital investment from international real estate fund managers, highlighting the demand for affordable housing.
It comes at a time when President William Ruto is planning to build low-cost housing units for Kenyans under his ‘bottom-up’ campaign agenda.
To achieve this, his administration plans to introduce a three-percent deduction that will be pumped into affordable homes, allowing Kenyans to own houses.
