David Ohana, the KenolKobil group managing director, said the oil marketing firm will allocate Sh20 million annually for the scheme to pay 75 per cent of the interest, for a period of up to 15 years. The firm has 175 employees under direct employment.
Mr Ohana said staff retention was the key driver of the scheme.
“Apart from giving our employees good salaries and medical cover, we want to give them access to cheaper mortgage as a way of retaining them for a period of up to 15 years since they are an asset,” he said.
For an employee to qualify, they must have worked for a period of not less than four years.
Stanbic bank chief executive Phillip Odera said the partnership will enhance the KenolKobil employee value proposition as well as deepen the bank’s relationship with the oil marketer. He did not disclose the applicable rate that he termed “attractive”.