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 signed on Thursday, April 17, sought to open up new opportunities for individuals, investors, and developers seeking financing for property ownership, construction, and investment ventures.
The agreement came 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, relying on personal savings rather than mortgage financing, due to limited access to structured financial solutions.
Speaking during the signing ceremony, the Co-operative Bank Head of Mortgage Finance Japhet Ponda emphasised the significance of the partnership, noting that the collaboration aligns with the Bank’s mission to empower individuals and businesses through innovative financial solutions.
