News Room



January 10, 2011…..KCB is set to launch mortgage operations in Rwanda and Uganda as early as February 2011.

According to Divisional Director Caroline Kariuki, KCB Mortgages will also be rolled out in the other KCB Subsidiaries of Tanzania and Southern Sudan by the end of the year.
“We will be fully operational in Rwanda beginning February 2011 and  hope to launch in Uganda within the first quarter of 2011 as we continue with our regional expansion strategy,” said Kariuki.

Rwanda that has been on a robust economic growth path over the last fifteen years, has in place an urban development master plan that KCB now hopes to tap into to grow its regional mortgage business.

According to Ms. Kariuki, huge opportunities exist in development of office space and hotels including appartments and homes. KCB she said had already secured its first mortgage project financing in Rwanda, called Greenpark villas.

Green Park Villas is a residential development featuring 50, four and five bedroom units located in Rusororo, ten kilometers from Kigali town. The project by DN International is being supported by KCB to the tune of Kshs 120 million.

“From a regulatory and customer perspective, Rwanda is ready to move into the mortgage space and we expect the market to grow by about Kshs 10 billion anually, said Kariuki.
KCB expansionist move is attributable to the amalgamation of the mortgagor with the KCB Group in January 2010. As a benefit, the division now has access to cheaper sources of funds from the bank’s asset base of Kshs 224 billion.

“The market has really responded positively to the new S&L Mortgages and especially the fact that we can now do much bigger deals of more than Kshs one billion per project. This has attracted alot of interest throughout the region”. Explained Kariuki.

Southern Sudan she said currently harboured huge mortgage business potential in the second quarter of 2011 given that  Sudan was keen on a socio-economic reconstruction and recovery plan.

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