Why micro-mortgages hold the key to affordable homes dream

A house under construction in Mavoko, Machakos County, belonging to a member of Streetwise Riders, a group of bodaboda operators in Nairobi. The members buy land and build homes through savings. [Edward Kiplimo, Standard]

A new financing model is necessary to make homes more affordable amid the high cost of mortgage products, a new report says.

Mainstream financial institutions are losing out on the lower-end housing sub-sector, which is dominated by Saccos, microfinance institutions and village chamas.