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Home Sectors Real estate

Tanzania Mortgage Refinance Company mortgage loan book hits 145.2bn/-

by Editor
18/08/2022
in Real estate
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Tanzania Mortgage Refinance Company mortgage loan book hits 145.2bn/-
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The Tanzania Mortgage Refinance Company (TMRC) has played a leadership role in Tanzania’s  mortgage market with its outstanding loan book growing to 145.2bn/- in June 2022, out of the country’s total market mortgage portfolio of 510bn/-

This is an indicative that TMRC financed 28 per cent of Tanzania’s market portfolio.

Apartments in Dar es Salaam. The new collaboration between (TMRC) and Habitat for Humanity International is a key step to realizing that goal in Tanzania and will be instrumental in unlocking new housing finance opportunities for low-income families. Photo / courtesy.

This was revealed by Oscar Mgaya, the Chief Executive Officer, TMRC during the signing of a Memorandum of Understanding (MoU) with Habitat for Humanity International , a first step in the organizations’ joint-effort to expand strengthen the low-income housing finance sector in Tanzania. 

Focusing on housing microfinance, the partnership aims to support lower-income Tanzanians and those working in the informal sector to more easily purchase, build or upgrade their homes, a segment of the population that has traditionally been underserved by the housing finance sector.

The Tanzania Mortgage Refinance Company Chief Executive Officer Oscar Mgaya. Photo / Courtesy.

Speaking during the an event held yesterday, Ridhiwani Kikwete the Deputy Minister of Lands, Housing and Human Settlement Development the government is committed to address housing challenges, especially for the low-income section of the population who have an even bigger challenge accessing formal mortgage loans due to their income levels.

“Tanzania has one of the fastest growing economies in the world, however many families still struggle to access adequate and affordable housing. The high cost of formal financing options and limited affordable housing supply remain challenges,” he said.

The Center for Affordable Finance in Africa estimates that Tanzania has a backlog of over 3 million homes, with demand growing by 200,000 homes annually.

On his part Maurice Makoloo, Vice President, Africa – Habitat for Humanity International said his organization and TMRC share a commitment to expanding access to quality housing for all families.

Low-cost apartments. The Center for Affordable Finance in Africa estimates that Tanzania has a backlog of over 3 million homes, with demand growing by 200,000 homes annually. Photo / courtesy.

He said the new collaboration is a key step to realizing that goal in Tanzania and will be instrumental in unlocking new housing finance opportunities for low-income families.

“TMRC believes there is tremendous potential in Tanzania’s housing finance market to reach low-income families. As a wholesale lender we are eager to build a case for housing microfinance in the country and explore how the financial institutions we invest in can tap into this market through tailored loan products,” said Oscar Mgaya, Chief Executive Officer – TMRC.

Under the new partnership, Habitat for Humanity’s Terwilliger Center for Innovation in Shelter will provide Technical Assistance to TMRC to build a case for Housing Microfinacne in Tanzania and diversification of its offering to target the potential outside the traditional mortgage market

“The housing microfinance sector in Tanzania is still in its nascency. It is therefore critical that our efforts to expand the market are data-driven and informed by a strong understanding of low-income families’ housing needs across the country,” said Naeem Razwani, senior director for housing finance systems – Habitat for Humanity International.

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Editor

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