The Central Bank of Kenya (CBK) has announced the licensing of the Kenya Mortgage Refinance Company as the first mortgage refinance company in Kenya.
The license has been granted pursuant to the CBK (Mortgage Refinance Companies) Regulations, 2019, after KMRC’s fulfilment of the stipulated licensing requirements.
KMRC was incorporated on April 19th, 2018 as under the Companies Act, 2015, as a Public Limited Company with its shareholders being the government of Kenya and primary mortgage lenders.
The principal objective of providing long-term finance to primary mortgage lenders. These include commercial banks, mortgage finance companies, microfinance banks, and SACCOs, to increase the availability and affordability of mortgage loans to the public
KMRC is expected to support the Government’s Big Four Agenda of providing affordable housing to a wider segment of Kenyans
The company recently stated in its annual report that it was ready to commence lending operations pending approval by the Central Bank of Kenya.
The company’s acting CEO said that key staff have been on-boarded and are currently going through fit & proper assessment by the CBK, a process which appears to have been completed by the time of this announcement.