KCB invests Sh40 billion in mortgage market
More than Sh40 billion (€315 million) has been invested in the Kenyan mortgage market by the Kenya Commercial Bank (KCB).More than Sh40 billion (€315 million) has been invested in the Kenyan mortgage market by the Kenya Commercial Bank (KCB).
The organisation claimed despite high interest rates and levels of inflation, the sector is performing well, the Star reports.
According to Director of Mortgage Business at the institution Joram Kiarie, a growing number of those living in the country are looking to take out a mortgage, with the town of Eldoret expanding at a particularly fast rate.
As a result, KCB now controls over 30 percent of Kenyan mortgage business in areas such as residential and commercial property, hostels and plots of land.
"Investments in this sector are expanding very fast and it's our commitment to continue offering Kenyans the partnership they need to engage in property investments," said Mr Kiarie.
Earlier this year, a new directive was introduced by the Central Bank of Kenya that allows financial firms to sell their products through other agents, thus making it easier for citizens to access housing finance, Business Daily reported.