Kenya’s Central Bank Friday announced the licensing of the Kenya Mortgage Refinance Company (KMRC) as the first mortgage refinance company in the East African nation.
The license has been granted pursuant to the CBK (Mortgage Refinance Companies) Regulations, 2019 after KMRC’s fulfillment of the stipulated licensing requirements.
KMRC was incorporated on April 19, 2018 under the Companies Act, 2015 as a Public Limited Company.
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.
KMRC’s shareholders are the Government of Kenya and primary mortgage lenders and will be expected to support the Government’s Big Four Agenda of providing affordable housing to a wider segment of Kenya’s populace.