NAIROBI (CU)_The Kenya Mortgage Refinancing Company (KMRC) launched its operations in September last year, amid the COVID-19 pandemic, with the aim of supporting those who intend to obtain home loans but are locked out from the mortgage market by banks, often owing to lack of sufficient funds. Accordingly, the state-backed organisation offers funds to banks, as well as savings and credit cooperative societies (SACCOS) in the country at an annual interest of 5 per cent. The recipients of these funds are in turn expected to lend cash to people who would not otherwise qualify for home loans, at a rate lower than the average market rate.
With this objective in mind, KMRC said last week…
