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Why current mortgages need review to open up affordable housing financing

Bondeni affordable housing project in Nakuru County, February 13, 2023. [Kipsang Joseph, Standard]

The current mortgage products in the mainstream financial system have been criticised for not being friendly to those in need of affordable housing even as banks admitted the fault for skirting around some market segments.

At the concluded annual Affordable Housing Conference organised by the Kenya Mortgage Refinance Company (KMRC), banks admitted fault and acknowledged difficulties in attending to markets such as the Micro, Small, and Medium Enterprises (MSMEs).

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