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Home Real Estate

Stanbic, Real Estate Companies Sign MOU To Enhance Affordable Housing

Cynthia Mungai by Cynthia Mungai
September 21, 2022
in Real Estate
Reading Time: 2 mins read
Stanbic Bank

[Photo/ Courtesy]

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.

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“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.

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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.

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