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UBA Bank in Sh3bn kitty to build 1,000 Kakamega houses

UBA Bank Kenya CEO Isaac Mwige. PHOTO | DIANA NGILA | NMG
UBA Bank Kenya CEO Isaac Mwige. PHOTO | DIANA NGILA | NMG 

UBA Bank Kenya has set aside Sh3 billion ($30 million) for the construction of 1,000 housing units in Kakamega in its scheme to fund decent and affordable houses in the country.

The local unit of the Lagos-headquartered lender UBA Plc says it is partnering with National Housing Corporation (NHC) in the projects set to start in Kakamega and Nairobi County.

UBA Bank Kenya managing director and chief executive Isaac Mwige, yesterday said the lender will be partnering with different agencies to facilitate the construction.

“In Kakamega, we are about to sign an agreement to put up $30 million houses, this should happen within the next quarter,” said Mr Mwige.

“Our role will be to finance contractors to be able to do the work. Once the houses are built, other financial institutions will then come and offer mortgage facilities to potential buyers.”

The bank is targeting to benefit from the government’s Big Four agenda that includes provision of affordable housing in the next five years.

UBA Bank is also looking into partnerships with various county governments to support value addition initiatives especially in tea and coffee growing regions.

UBA Bank East and Southern Africa regional chief executive Iweriebor Emeke said to mark their footprint in the country’s economy, they will expand both in brick and mortar and digitally.

“We will respond to the needs of our customers and market. Where there will be need to open branches because it will facilitate access and financial inclusion – we’ll do that. If there is need to go digital way, we’ll do that very easily.” said Mr Emeke.

The lender operates in 20 African countries.