Finsco Africa and the Co-operative Bank
of Kenya have today signed a Memorandum of Understanding (MOU) that will see the two institutions collaborate to enhance access to financial solutions and drive investment in Kenya’s real estate sector.
The MOU seeks to open up new opportunities for individuals,
investors, and developers seeking financing for property ownership, construction, and
investment ventures.
The agreement comes at a time when Kenya’s real estate sector continues to play a
significant role in economic growth, currently contributing 6.7% to the country’s GDP, up
from 4.1% in 2020. Despite this growth, the majority of Kenyans (88.6%) still construct
their homes over a long period of time , relying on personal savings rather than mortgage
financing, due to limited access to structured financial solutions.
Speaking during the signing ceremony, Mr. Japhet Ponda, the Head of Mortgage Finance at
Co-operative Bank of Kenya, emphasized the significance of the partnership, noting that the
collaboration aligns with the Bank’s mission to empower individuals and businesses through
innovative financial solutions.
“This collaboration directly supports the Affordable Housing agenda, with financing solutions aligned
to the Kenya Mortgage Refinance Company (KMRC) framework. Eligible customers will benefit from
low-interest, long-tenure mortgage options, making homeownership a reality for more Kenyans.
Importantly, this partnership also extends to Diaspora Financing, offering customized mortgage
solutions to Kenyans abroad who are seeking trusted, seamless ways to own property back home.
“We are not just financing property—we’re empowering dreams and building communities. Whether
you’re a first-time buyer, an investor, or living abroad, this partnership brings you one step closer to
owning a home you can call your own.”
With this partnership, Co-op Bank and Finsco Africa are building more than houses—they are
building a future.
On his part,John Mwaura, Chief Executive Officer of Finsco Africa, welcomed the
collaboration as a game-changer in bridging the gap between property development and
financing.
“We are proud to partner with Co-operative Bank to bring integrated solutions that respond
to the realities of today’s home buyers and real estate investors.This partnership will provide
our clients with access to flexible and affordable financing options, while supporting our goal
of delivering quality developments across the country.”Mr. Mwaura said.
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