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    JKIAs’ Digital Health Screening cut time to 15 minutes

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    Kenyans to pay tax for online classes

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    Kenya Power launch new electricity meters

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    Mediamax Network Limited, Owners Of K24Tv, settles on Ken Ngaruiya as CEO

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    Samsung Galaxy S21 is now out,pre orders open in Kenya

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    Kenya Power launch new electricity meters

    Kenya Power launch new electricity meters

    Spending on IT Predicted to pass Ksh. 7.7 trillion in 2021

    Spending on IT Predicted to pass Ksh. 7.7 trillion in 2021

    Wireless Earbuds to set the Tech-Trend in 2021

    Wireless Earbuds to set the Tech-Trend in 2021

    Kenya Airways Suspends flights to France

    Kenya Airways Suspends flights to France

    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

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    Kenyan PR agency bags international award

    Startimes land broadcast rights for Continental showpiece

    Startimes land broadcast rights for Continental showpiece

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    Tatu City partners with Konza to attract investors to Kenya

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    Tatu City Partners with Konza to Attract Investors to Kenya

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    National Bank and Octagon ink 100 billion service partnership

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    Mizizi Africa Homes voted best low cost housing developer 2020

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    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    32% of Kenyans to change houses over Covid-19

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    Wireless Earbuds to set the Tech-Trend in 2021

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    Nokia launches low cost smartphones for the Kenyan market

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    Celebrated US broadcaster Larry King has died at the age of 87

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Kenyan Business Feed
  • Home
  • News
    Secret plan to reinstate former Nairobi Governor revealed

    Secret plan to reinstate former Nairobi Governor revealed

    Oil price rises 1% on U.S. stimulus hopes, supply concerns

    JKIAs’ Digital Health Screening cut time to 15 minutes

    JKIAs’ Digital Health Screening cut time to 15 minutes

    Global Cyber Alliance, Serianu to Reduce Cost of Cybersecurity in Kenya

    Global Cyber Alliance, Serianu to Reduce Cost of Cybersecurity in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung and Safaricom ink a deal for Galaxy S21 preorders

    Ann Kananu takes over as Deputy Governor but….

    Nairobi County DG Kananu’s first meeting

    Kenyans to pay tax for online classes

    Kenyans to pay tax for online classes

    Kenya Power launch new electricity meters

    Kenya Power launch new electricity meters

    Mediamax Network Limited, Owners Of K24Tv, settles on Ken Ngaruiya as CEO

    Mediamax Network Limited, Owners Of K24Tv, settles on Ken Ngaruiya as CEO

  • Markets
    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung and Safaricom ink a deal for Galaxy S21 preorders

    Kenya Power launch new electricity meters

    Kenya Power launch new electricity meters

    Spending on IT Predicted to pass Ksh. 7.7 trillion in 2021

    Spending on IT Predicted to pass Ksh. 7.7 trillion in 2021

    Wireless Earbuds to set the Tech-Trend in 2021

    Wireless Earbuds to set the Tech-Trend in 2021

    Kenya Airways Suspends flights to France

    Kenya Airways Suspends flights to France

    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Kenyan PR agency bags international award

    Kenyan PR agency bags international award

    Startimes land broadcast rights for Continental showpiece

    Startimes land broadcast rights for Continental showpiece

  • Real Estate
    OP-ED: Affordable housing will decongest slums and cushion the poor from pandemics

    Kenya’s real estate to remain neutral in 2021 – Report

    Tatu City partners with Konza to attract investors to Kenya

    Tatu City partners with Konza to attract investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    National Bank and Octagon ink 100 billion service partnership

    National Bank and Octagon ink 100 billion service partnership

    Real Estate: Cytonn invites bids for this 4 acre piece of prime land in Kilimani

    Mizizi Africa Homes voted best low cost housing developer 2020

    Mizizi Africa Homes voted best low cost housing developer 2020

    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    32% of Kenyans to change houses over Covid-19

    32% of Kenyans to change houses over Covid-19

    Kenyan Firm awarded Most Innovative Community Developer 

    Cytonn Real Estate completes The Alma Phase 3; 120 units set for handover

  • Tech
    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung and Safaricom ink a deal for Galaxy S21 preorders

    Spending on IT Predicted to pass Ksh. 7.7 trillion in 2021

    Spending on IT Predicted to pass Ksh. 7.7 trillion in 2021

    Wireless Earbuds to set the Tech-Trend in 2021

    Wireless Earbuds to set the Tech-Trend in 2021

    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    LG unveils premium monitors

    LG unveils premium monitors

    Pesalink appoints Gituku Kirika as CEO

    Pesalink appoints Gituku Kirika as CEO

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    realme C12 and 7i now Available In Kenya

    2021: realme to release more smartphone in Kenya

    Samsung banking on technology personalisation to increase market share

    Samsung banking on technology personalisation to increase market share

  • World Business
    Celebrated US broadcaster Larry King has died at the age of 87

    Celebrated US broadcaster Larry King has died at the age of 87

    Defiant: Words such as ‘China virus’, ‘impossible Paris climate deal’ mark Donald Trump’s speech as he bids farewell to USA

    Defiant: Words such as ‘China virus’, ‘impossible Paris climate deal’ mark Donald Trump’s speech as he bids farewell to USA

    Twitter CEO finally breaks silence about banning US President Donald Trump from the platform

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Trump threatens to slash US funding to World Health Organization

    A year later, WHO still insists on visiting China to probe virus origin

    F1 superstar to miss Sakhir GP after testing positive for coronavirus – Statement

    F1 superstar to miss Sakhir GP after testing positive for coronavirus – Statement

    Boeing’s 737 Max Cleared to Fly in the US After Crashes

    Boeing’s 737 Max Cleared to Fly in the US After Crashes

    Guinness forced to recall contaminated brand

    Guinness forced to recall contaminated brand

    WTA Names Kenya as Africa’s Leading Tourist Destination 2020

    WTA Names Kenya as Africa’s Leading Tourist Destination 2020

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Family Bank voted best bank in customer relations

    Family Bank voted best bank in customer relations

    Global Cyber Alliance, Serianu to Reduce Cost of Cybersecurity in Kenya

    Global Cyber Alliance, Serianu to Reduce Cost of Cybersecurity in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung and Safaricom ink a deal for Galaxy S21 preorders

    Kenyans to pay tax for online classes

    Kenyans to pay tax for online classes

    Kenya Power launch new electricity meters

    Kenya Power launch new electricity meters

    Spending on IT Predicted to pass Ksh. 7.7 trillion in 2021

    Spending on IT Predicted to pass Ksh. 7.7 trillion in 2021

    Wireless Earbuds to set the Tech-Trend in 2021

    Wireless Earbuds to set the Tech-Trend in 2021

    Kenya Airways Suspends flights to France

    Kenya Airways Suspends flights to France

    Was KCB bank hacked?

    • Agribusiness
    • Banking
      Family Bank voted best bank in customer relations

      Family Bank voted best bank in customer relations

      Was KCB bank hacked?

      Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

      Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

      KCB, MoH and Kazi kwa vijana biggest advertisers in the past 5 months

      Mastercard, Unilever and KCB Bank strengthen partnership to support micro-retailers in Kenya

      ‘Beware of fake currency’, CBK Warns

      Diaspora remittances rose by 11 per cent to Sh341 billion in 2020 – CBK

      6.5 million register new mobile money accounts in 2020 -CBK

      6.5 million register new mobile money accounts in 2020 -CBK

      SIB banks’ foreign investment arm records mild drop in returns

      SIB banks’ foreign investment arm records mild drop in returns

      DTB issues profit warning

      DTB issues profit warning

      How to join, get a loan from Metropolitan Sacco

    • Insurance
      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      ICEA Lion Life appoints a new CEO

      ICEA Lion Life appoints a new CEO

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Octagon feted in 2020 World Pension Summit Innovation Awards

      Octagon feted in 2020 World Pension Summit Innovation Awards

      What do you need to know before purchasing car insurance?

      What do you need to know before purchasing car insurance?

      National Bank of Kenya Bags Global Recognition

      National Bank of Kenya Bags Global Recognition

      DIB Awarded Best Islamic Bank in Kenya

      DIB Awarded Best Islamic Bank in Kenya

      Insurance: IRA Foils Over Ksh300 Million Fraudulent Claims

      20 out of 56 licensed insurers in Kenya fail capital test

      Tom Gitogo offloads his shares in CIC Insurance

      Tom Gitogo offloads his shares in CIC Insurance

    • Manufacturing
    • Opinion
      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      Crisis as young Kenyans now embrace Crime as lifestyle

      Crisis as young Kenyans now embrace Crime as lifestyle

      Employment Exit Strategy: The smart way to leave job for entrepreneurship.

      Employment Exit Strategy: The smart way to leave job for entrepreneurship.

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Kenya plans guarantee scheme for home loans

by Kenyan Business Feed
May 22, 2019
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AFRICAREVIEW.COM

By AFRICAREVIEW.COM
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Kenya is to start a credit guarantee scheme to enable the self-employed and informal sector workers access loans, including for buying homes.

President Uhuru Kenyatta said on Tuesday that Treasury was working with development partners to start the scheme that is targeting credit worthy borrowers who do not have a “formal salary” or regular income.

“The scheme will include a housing guarantee mechanism for those with low incomes or employed in the informal sector to help expand access to housing finance,” President Kenyatta said at the launch of the Kenya Mortgage Refinance Company (KMRC).

The company is one of the avenues the government hopes will enhance access to affordable housing, one of President Kenyatta’s legacy projects dubbed the Big Four.

The others are universal healthcare, manufacturing and food security.

Kenya is facing a housing crisis as new units have not kept pace with demand, especially in the middle and lower market segments, driven by population growth.

KMRC is a public-private venture that hopes to help developers free their capital quicker for refinancing building of new housing units.

The acting chief executive of the company Johnstone Oletetia was quoted by Reuters saying the company would seek to raise $50 million from the capital markets in a year or two.

“Maybe the first bond will potentially be a medium term note of about five billion shillings which will be drawn over time,” Mr Oletetia said.

Owned by banks and Savings and Credit Societies (Saccos), it will offer medium and long-term finance at fixed interest rates to primary borrowers (developers).

These benefits are expected to be passed on to home buyers.

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At the end of 2017, the mortgage stock in Kenya was Ksh223 billion ($2.23 billion), equivalent to 2.74 per cent of GDP.

In South Africa, the outstanding mortgage stock is close to a third of the economy at 31 per cent.

“Housing mortgage finance in Kenya remains below its potential. The major inhibiting factors include lack of access to long-term finance, high interest rates on mortgages, high cost of houses, high incidental cost of mortgages, low levels of income and difficulties with property registration and titling,” President Kenyatta said.

The World Bank and the African Development Bank have committed $250 million and $100 million, respectively, to KMRC.

The government targets to increase the number of mortgages from 26,000 currently to 60,000 by 2022.

The housing deficit in Kenya is two million units and grows by 200,000 units each year. The government had promised to build 500,000 units by 2022.

A government official said earlier in the week that the government’s social and affordable housing agenda had attracted $30 billion in investments, a half above the $20 billion targeted.

The government is also targeting to raise $500 million annually for housing by charging workers 1.5 per cent of their salaries up to a maximum of $50 per month.

The controversial plan has been halted by the courts.

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