Information Hub

Update on the KMRC Lending Operations and Milestones Achieved

Source: Cytonn Research

Date: August 2021

Article Title: Focus of the Week : Kenya Mortgage Refinance Company (KMRC) Update


Editor’s Note- Home ownership is an important aspiration, hence affordable home loans are essential to increasing home ownership, currently at 21.3% compared to Ghana at 47.2% and South Africa at 53.0%, hence the need for acceleration. This Cytonn Research piece provides more insights into the progress of housing finance and home ownership in  Kenya, with an aim of proposing solutions to challenges faced so far and giving recommendations to those challenges by benchmarking with a well-established refinance company, and observing existing gaps in the Kenyan set up. Review the full report Here. Available with permission.

ISSMA Releases the 2020-2021 Annual Report

Source:   International Secondary Mortgage Market Association (ISMMA)

Date:  August 2021

Article Title:  ISMMA Annual Report 2020-2021


Editor’s Note – ISMMA focuses on advocacy on regulatory issues, information sharing, and providing support to newly-established institutions in this field. This is the first global association to bring together secondary mortgage markets institutions. The association provides a platform for its now 30 member countries to exchange ideas on how to improve access to housing finance for their citizens and ultimately reach the goal of adequate, safe and affordable housing for all, which is one of the Sustainable Development Goals. The Objectives of ISSMA include: To exchange of ideas, views and experiences with a view of promoting housing finance markets, To provide advocacy on regulatory issues and To provide Capacity Building and mentoring support for newly established institutions. The ISMMA Annual Report 2020 – 2021 is set against a backdrop of great challenges and considerable uncertainty arising mainly from the impact of the COVID-19 pandemic globally. See full PDF report below. Available with permission.

KMRC Partners with World Bank & IFC to Expand Affordable Financing and Better Housing Supply in Kenya

Source- International Finance Corporation (IFC) News & Events Segment

Date- July 2021

Article Title – A Kenyan Home of One’s Own


Editor’s Note – Kenya faces a critical housing shortage. The country has a housing backlog estimated at 1.85 million units. Rising expectations for home ownership among its middle-and lower-income sectors–the skilled workers erecting all those skyscrapers, the thousands of office workers staffing them, among others–have unleashed demands for new and better housing and cheaper financing to purchase it. To curb this deficit, the Kenya Mortgage Mortgage Refinance Company has partnered with among other organizations, the World Bank & International Finance Corporation (IFC) to expand affordable financing and better housing supply in the country. See the full article Here



How can people who are in informal jobs get mortgage?

Source – Sunday Nation

Date- April 18, 2021

Article Title – How can people who are in informal jobs get mortgage?


Editor’s Note – KMRC CEO Johnstone Oltetia features in the “Ask Your Question” segment of the Sunday Nation where he addresses questions from the public regarding lending operations, bond issuance, eligibility criteria, tenor and the organization’s milestones. Read full feature in PDF below. Available with permission.


The Housing Pandemic: KMRC’s Intervention

Source – Management Magazine

March 2021
Article Title: The Housing Pandemic: KMRC’s Intervention


Editor’s Note – KMRC CEO & MD featured in the March 2021 issue of the Management Magazine where he gives a glimpse of KMRC’s mandate, strategic objectives, goals and an overview of the housing sector in Kenya. He also gives a highlight of programs at KMRC designed to stabilize communities and offer pathways to decent homeownership. Available with permission. Access the complete issue of the magazine in pdf here

Housing Finance in Africa Yearbook

Editor’s Note- Targeted at housing finance practitioners, investors, developers, researchers and government officials, the 2020 Yearbook provides an up-to-date review of practice and developments in housing finance and delivery in Africa, reflecting the dynamic change and growth evident in the market of each country over the past year. The Housing Finance in Africa Yearbook is published by the Centre for Affordable Housing Finance in Africa (CAHF) and promotes investment in affordable housing and housing finance across Africa.

Please read the entire yearbook to get a wholesome and in-depth review here

Available with permission.

AfDB to Guarantee Kenya’s Mortgage Refinancier Bond

Kenya Mortgage Refinance Company (KMRC) has worked out an arrangement with the African Development Bank (AfDB) where it (KMRC) expects to issue its debut bond in 2021 and piggy back on AfDB’s triple A credit rating with a stable outlook in the debut cash call.

This is owing to KMRC’s absence of a track record due to its novelty in the market thus partnership with AfDB is expected to enhance KMRC’s credit in the bond issuance. See full PDF article below. Available with permission.

Source – Business Daily (Nation Media Group) Newspaper

October 23, 2020

KMRC CEO Featured in the Management Magazine

KMRC CEO Johnstone Oltetia was featured in the September 2020 issue Management Magazine where he highlights the organization’s progress and practical strategies that can be employed to further develop the housing finance sector in Kenya. He also identifies the best investment opportunities, which lay in developing affordable housing projects to reduce the huge deficit.

Access the full PDF article below. Available with permission.

Management Magazine
September 2020

The Impact of Sustainability on Buildings and Homes.

Eco. Green. Environmentally friendly. These are all words we hear and try to digest but often do not understand their mean ing. It’s even harder when you relate it to your home or workplace, but what is all the fuss really about? Well, to put it simply, the earth is dying due to our misuse of resources and with extensive pollution, it is time we start thinking differently about the houses we want to build, and the structures we are currently living in.

Access the full PDF article below. Available with permission.

Buy or Rent Which is The Best Option.

A common argument for buying through mortgage is ”why would you pay monthly rent to a landlord instead of building equity in a home for yourself?”

The real estate market in Kenya seems to be going through a tough phase. Experts have been predicting that the market is going to burst with no specific so far. In 2018, the government focused on the big four Agenda and one of the key pillars was affordable housing. According to the world bank 2 million housing units. That would suggest plenty  of opportunities for investments into real estate. According to Cynthia Ilako, a business analyst for a leading daily publication, property prices of both rental and commercial properties seems to be dropping. Most investors would prefer to put up buildings that are likely to have better profits and quicker returns.

Access or download the online article with permission, below.

Affordable Housing Hinges On Alternative Building Technology

As construction costs soar in cities, Real estate companies and governments should focus more on alternative building technology to deliver mass housing faster,

In the recent years, property I companies have become ubiquitous in this country. Consequently, media houses are awash with bait and switch advertisements for real estate properties. The country has become an arena of cut-throat competition for real estate companies; each trying to get a share of the pie of the burgeoning demand, for example, of affordable housing. Kenya’s annual population growth rate is approximated at 2.2 per cent while, on the other hand, global average stands at 1.2 per cent. According to Plan International, 5 million people are migrating to urban areas every year in developing countries.

Access the full PDF article below. Available with permission.

The Mirage of Affordable Housing.

Affordable housing remains a mirage of low income category house holds and the salaried class in Kenya owing to spiral land prices and  demand and supply and income mismatch

That housing in Kenya is a T headache is not in doubt. According to the World Bank, there is a deficit of 2 million Kenyans who require access to low income housing. One of the reasons that housing is a challenge comes with the cost. For instance, according to the 2019 Kenya Real Estate Market report, the prices for land on which real estate will be built on, is expensive. As an example, land in upmarket estates such as Muthaiga, Lavington and Nyari goes for as high as KSh176.1 million, KSh237 million and KSh105.6 million, respectively per acre.

Access the full PDF article below. Available with permission.

Climate Change Risks to Real Estate Investment

Real estate developers are increasingly becoming aware of climate risks and are factoring the effects of climate change into real estate investments.

Traditional analysis of risks related with investment in properties and real estate industry has been con fined to architectural and financial risks for a long time. The fear of failure to re coup capital invested, or interests on loan remaining higher than incomes from the property have been the key center of focus when it came to real estate risk prediction and management. This was when the days were good in terms of predicting nature but things are not the same now for real estate owners and developers. Be under water of under the weather for them has long been metaphorical, only signifying tough times, when property debt exceeds property value, or expenses exceed income. But the term has now coined a new meaning for developers and investors alike: Real estate property could actually be under the weather because of climate change.

Access the full PDF article below. Available with permission.

Is Kenya’s Affordable Housing Built on Quick Sand?

Affordable housing in Kenya is behind schedule but projections indicate the sector will shape up in 2020.

Where are the 500,000 affordable houses which the Jubilee government promised in 2017? This is the question many Kenyans are asking, two years to the end of President Uhuru Kenyatta’s second term. As the coin try slowly slithers into an electioneering period ahead of the 2022 elections, this is one issue that will for sure dominate political debate as the housing sector grapples with a high demand for cheap quality houses, against low supply. Whichever way you look at it, the affordable housing project is offline. Just what was the plan, what went wrong and what has been done so far?

Access the full PDF article below. Available with permission.

Ukulima Sacco Mortgage Launch

Source – Standard Digital (Standard Media Group Plc)
September 2nd, 2020
KMRC to start lending to shareholders, customers end of September

Editor’s Note – Ukulima Sacco launched its new mortgage product in partnership with the Kenya Mortgage Refinance Company (KMRC) on September 1st, 2020 during the institution’s Collaboration Briefing with the Board of Directors at the Society’s premises in Nairobi.

Access the online article here for more information. Available with permission