Screen shot of CEO Johnstone Oltetia speaking on the Nation Media Group’s Leadership Forum on July 23rd, 2020. The virtual forum was broadcast on NTV, YouTube and Facebook Live Channels.
The Kenya Mortgage Refinance Company (KMRC) CEO Johnstone Oltetia
participated in the Nation Media Group’s ‘Nation Leadership Forum’ on Thursday 23rd July 2020 which was aired live on NTV.
Speaking as a panelist, Mr. Oltetia highlighted an overview of what KMRC is mandated to do, its alignment with the Government of Kenya’s Affordable Housing pillar of the big 4 Development Agenda, its (KMRC) Operationalization and how KMRC is positioned to support the real estate sector navigate the COVID-19 global pandemic shock.
“The role of KMRC is to provide long term fixed rate financing to primary mortgage lenders composing commercial banks, saccos and microfinance banks. We have slightly over 2.2b shillings in capital, about 22 shareholders ranging from govt to financial institutions. That kind of financing is essentially the core capital for the institution,” said Mr. Oltetia.
Mr. Oltetia highlighted the steps that the company has been undertaking since its incorporation in April 2018, prior to commencing lending, emphasizing the benefits that KMRC’s home loans will accord the borrowers and support the Government’s plan to build 500 affordable housing units under its Affordable Housing pillar of development. Mr. Oltetia also said that KMRC’s sustainability with regards to funding will be through bond issuance, adding that KMRC expects to go to the market in a year or two to issue bonds.
“The fixed long-term financing will provide the borrower an opportunity to see the end from the beginning and plan accordingly. This pandemic has reminded us of the need to have affordable housing with running water and all other amenities. We should be focusing on developing housing at scale,” said Mr. Oltetia.
The Nation Leadership Forum is an initiative of the Nation Media Group which seeks to stimulate discourse, encourage dialogue, shape opinions and key policy directions and offer practical solutions on key issues critical to Kenya’s growth. Other topics of discussion at the forum include Manufacturing, Infrastructure, Agriculture, Health, Governance and Education. Other panelists at the Covid-19 and the Real Estate were Eng. Maurice Aketch-Executive Director at the National Construction Authority (NCA) and Sakina Hassanali – Head of Research and Marketing at HassConsult.