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Mortagage Finance

Kenya Mortgage Refinance Company Plc (KMRC)

27th Floor, UAP Old Mutual Tower, Upperhill Road, Upperhill, Nairobi.

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KMRC was established as a key institution to support the Affordable Housing Pillar of the Government of Kenya’s Big 4 Agenda. It was incorporated on 19 April 2018 as a non- deposit taking financial institution under the supervision of the Central Bank of Kenya with the single purpose of providing long-term funds to primary mortgage lenders (Banks, Micro Finance Banks and Saccos) in order to increase the availability and affordability of mortgage loans to Kenyans.

The entry of KMRC in the market is expected to improve mortgage affordability, increase the number of qualifying borrowers and result in the expansion of the primary mortgage market and home ownership in Kenya. The company will offer fixed rate long term loans initially at concessional rates to financial institutions.

Financial institutions are expected to pass the benefit to Wananchi of fixed long-term funds potentially at lower than market rates. For sustainability, KMRC will raise long-term funds from the capital market which will be used to refinance mortgages. Loans issued by KMRC to financial institutions will be secured against a portfolio of underlying mortgages from each financial institution or alternative collateral.


The Government of Kenya adopted a public private partnership (PPP) arrangement in establishing KMRC with majority private sector ownership. The Government of Kenya through the National Treasury owns twenty (20) percent of the Company while the remaining eighty (80) percent is divided among eight (8) Commercial Banks, one (1) Microfinance Bank, eleven (11) SACCOs and two (2) Development Finance Institutions. The two development finance institutions (IFC and Shelter Afrique) are currently undertaking due diligence processes before investing equity in KMRC.



KMRC is established as a private limited liability company incorporated under the Companies Act (2015). However, the company converted into a public limited company (PLC). The Company is subject to regulation and supervision of the CBK with CMA providing oversight over its bond issuance operations. The Company is expected to comply with the Central Bank of Kenya (Mortgage Refinance Companies) Regulations, 2019. The operations of the company will be guided by its Articles of Association.