“The licence has been granted pursuant to the CBK (Mortgage Refinance Companies) Regulations, 2019 after KMRC’s fulfillment of the stipulated licensing requirements,” CBK Governor Patrick Njoroge said in a statement on Friday. KMRC's principal objective is to provide long-term finance to primary mortgage lenders - commercial banks, mortgage finance companies, microfinance banks and Savings and Credit Co-operatives, to increase the availability and affordability of mortgage loans to the public. Its shareholders are the government and primary mortgage lenders. Treasury CS Ukur Yatani said the high cost of housing units and limited access to affordable long-term finance remain a leading housing market constraint. In response to the Covid-19 pandemic, KMRC will help maintain adequate liquidity among primary housing mortgage providers (banks and Saccos), in order to keep housing finance and the market functioning.

Source: The Star September 19, 2020 09:11 UTC