The Kenya Mortgage Refinance Company (KMRC) has created a trust that will run a guarantee scheme aimed at cushioning banks and saccos extending home loans to low-income workers, including those in the informal sector.
KMRC chief executive officer Johnstone Oltetia said a company known as Kenya Mortgage Guarantee Trust (KMGT) has already been formed to manage the scheme.
The scheme, which will provide a partial guarantee for any mortgage extended to persons deemed to be high-risk, is aimed at expanding access to housing by boosting the confidence of lenders.
