Stanbic Bank Kenya signed a Memorandum of Understanding (MoU) with real estate firms in Kenya in a bid to increase its financing options for affordable housing.
The MOU was signed by the bank and a group of partners that included Safaricom Staff Pension Scheme Registered Trustees, Avic International Real Estate Ltd., and Superior Homes Kenya.
Why Stanbic Bank Is Auctioning Jubilee Party Headquarters
“Our purpose, “Kenya is our home, we drive her growth,” fuels our evergreen pursuit of partnerships and mutually beneficial relationships with developers across segments in a bid to increase home ownership in Kenya. “Our three additions to our rich partners’ portfolio further strengthen our ability to provide our customers with a wide range of properties to choose from in their journey to make their dream of owning a home a reality,” Stanbic Bank’s Head of Client Solutions, Anjali Harkoo, said.
According to Judy Muiruri of the Safaricom Staff Pension Scheme, affordable housing is a key driver of socio-economic development.
“We believe that through this partnership with Stanbic Bank, we will enable more Kenyans to realise their dream of owning a home for their family or as an investment vehicle,” said Ms Muiruri.
The pension plan is selling three-bedroom units for as little as Ksh6.5 million through their Crystal Rivers Mall and Residences project.
A subsidiary of Stanbic Africa Holdings Limited, owned by Standard Bank Group Limited, is Stanbic Holdings Plc. 100% of Stanbic Bank Limited and 100% of SBG Securities Limited are owned by Stanbic Holdings Plc.
Only 26,971 mortgages are in existence in Kenya, despite the country having a working population of about 22 million, according to the Central Bank of Kenya’s (CBK) Banking Supervision 2020 Report.
Email your news TIPS to editor@thesharpdaily.com
