Dar es Salaam. Tanzanians are set to benefit from increased access to affordable mortgages as KCB Bank (T) Ltd has injected Sh500 million into the Tanzania Mortgage Refinance Company (TMRC) Limited.
This strategic investment, finalised in December 2024, sees KCB Bank joining TMRC’s growing pool of shareholders, bringing the total number to 20.
Other shareholders in TMRC include major financial institutions such as CRDB Bank Plc, NMB Bank Plc, National Bank of Commerce Ltd (NBC), TIB Development Ltd, Azania Bank Plc, Exim Bank (T) Ltd, the National Housing Corporation (NHC), as well as international development finance institutions like Shelter Afrique and the International Finance Corporation (IFC).
At a press event, KCB Group Regional Businesses director and managing director of KCB Bank Tanzania Cosmas Kimario said that the investment grants KCB Bank greater access to mortgage financing, empowering it to enhance its mortgage offerings and contribute to Tanzania’s growing housing sector.
“This move strengthens KCB Tanzania’s mortgage portfolio, making home-ownership more accessible to many Tanzanians,” Mr Kimario said.
“KCB Bank has always been committed to providing financing solutions that help Tanzanians realise their dream of owning homes, and this investment further solidifies our role in expanding the mortgage sector.”
With this partnership, KCB Bank now has access to up to Sh10 billion from TMRC, significantly expanding its ability to offer affordable mortgage loans to the public.
“This collaboration has a profound impact on Tanzania’s mortgage sector, enabling us to allocate substantial funding toward affordable home financing, addressing the housing gap, and increasing access to mortgages,” Mr Kimario added.
As of September 2024, KCB Bank ranked eighth in Tanzania’s mortgage sector, with Sh34.1 billion in mortgage loans disbursed to 175 customers, capturing a 4.75 percent market share.
By December 2024, the value of mortgage loans extended by the bank grew to Sh34.6 billion, benefiting 99 of its 175 customers, with the added support of the Sh10 billion TMRC facility.
TMRC, a specialised financial institution functioning as a Mortgage Liquidity Facility in Tanzania, provides long-term funding to banks and other financial institutions for mortgage lending.
By refinancing mortgage portfolios, TMRC facilitates wider access to home financing.
TMRC’s CEO Oscar Mgaya emphasised that KCB’s inclusion as the 20th shareholder would further enhance the availability of housing loans in Tanzania.
He also pointed out KCB Bank’s extensive reach, with 18 branches across major Tanzanian cities such as Dar es Salaam, Mwanza, Arusha, and Kilimanjaro, ensuring that customers can easily access mortgage services.
“As of December 2024, KCB Bank Tanzania had Sh1.5 trillion in assets, reflecting its strong position in the market,” Mr Mgaya said, noting that TMRC’s combined capital from 20 shareholder banks, totaling Sh33.4 billion, allows for attractive loan terms, including lower interest rates.
Mgaya further explained that lending rates, which were once as high as 20 percent, now range from 13 percent to 18 percent, benefiting borrowers across the country.
A total of 31 banks offer mortgage loans in Tanzania, with the 16 shareholding banks providing Sh160 billion in funding for approximately 7,000 loans.
The CEO of Watumishi Housing Investment, Fred Msemwa, welcomed the investment, noting that it will increase the resources available for long-term mortgage lending.
However, he also stressed the need for Tanzania to increase the size of long-term funding for housing to make a more significant contribution to the country’s GDP and socio-economic development.
Currently, the mortgage-to-GDP ratio in Tanzania is less than 1 percent.
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Dodoma — Tanzania today confirmed an outbreak of Marburg virus disease in the northwestern Kagera region after one case tested positive for the virus following investigations and laboratory analysis of suspected cases of the disease.
President of the Republic of Tanzania, Her Excellency Samia Suluhu Hassan, made the announcement during a press briefing alongside World Health Organization (WHO) Director-General, Dr Tedros Adhanom Ghebreyesus, in the country’s administrative capital Dodoma.
“Laboratory tests conducted in Kabaile Mobile Laboratory in Kagera and later confirmed in Dar es Salaam identified one patient as being infected with the Marburg virus. Fortunately, the remaining suspected patients tested negative,” the president said. “We have demonstrated in the past our ability to contain a similar outbreak and are determined to do the same this time around.”
A total of 25 suspected cases have been reported as of 20 January 2025, all of whom have tested negative and are currently under close follow-up, the president said. The cases have been reported in Biharamulo and Muleba districts in Kagera.
“We have resolved to reassure the general public in Tanzania and the international community as a whole of our collective determination to address the global health challenges, including the Marburg virus disease,” said H.E President Hassan.
WHO is supporting Tanzanian health authorities to enhance key outbreak control measures including disease surveillance, testing, treatment, infection prevention and control, case management, as well as increasing public awareness among communities to prevent further spread of the virus.
“WHO, working with its partners, is committed to supporting the government of Tanzania to bring the outbreak under control as soon as possible, and to build a healthier, safer, fairer future for all the people of Tanzania,” said Dr Tedros. “Now is a time for collaboration, and commitment, to protecting the health of all people in Tanzania, and the region, from the risks posed by this disease.”
Marburg virus disease is highly virulent and causes haemorrhagic fever. It belongs to the same family as the virus that causes Ebola virus disease. Illness caused by Marburg virus begins abruptly. Patients present with high fever, severe headache and severe malaise. They may develop severe haemorrhagic symptoms within seven days.
“The declaration by the president and the measures being taken by the government are crucial in addressing the threat of this disease at the local and national levels as well as preventing potential cross-border spread,” said Dr Matshidiso Moeti, WHO Regional Director for Africa. “Our priority is to support the government to rapidly scale up measures to effectively respond to this outbreak and safeguard the health of the population,”
Tanzania previously reported an outbreak of Marburg in March 2023 – the country’s first – in Kagera region, in which a total of nine cases (eight confirmed and one probable) and six deaths were reported, with a case fatality ratio of 67%.
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In the African region, previous outbreaks and sporadic cases have been reported in Angola, the Democratic Republic of the Congo, Ghana, Kenya, Equatorial Guinea, Rwanda, South Africa and Uganda.
Marburg virus is transmitted to people from fruit bats and spreads among humans through direct contact with the bodily fluids of infected people, surfaces and materials. Although several promising candidate medical countermeasures are currently undergoing clinical trials, there is no licensed treatment or vaccine for effective management or prevention of Marburg virus disease. However, early access to treatment and supportive care – rehydration with oral or intravenous fluids – and treatment of specific symptoms, improve survival.
Source: allafrica.com
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