KCB Rwanda’s mortgage product hit $18million

KCB Rwanda, on Wednesday, announced that its mortgage product had hit US$18 million (Rwf10.8 billion). The lender made the announcements while launching Rwanda’s ‘Developers’ Club’.The subsidiary of Kenya Commercial Bank Group launched the mortgage product in March last year and has since attracted over 320 clients as it accelerates efforts to capture more market share in the country’s budding banking industry. The club dubbed “KCB Urugo Rwawe” was created to provide a platform that allows both established and potential estate developers to meet and share ideas with other professionals involved in the real estate business.“Members of the club are able to network with other developers, estate agents, architects, engineers, quantity surveyors, project managers, lawyers and property values among others.“It also provides exclusive opportunities for members to attend seminars and go on fact finding trips designed to expand their understanding of the exciting and potentially rewarding world of real estate development,” KCB Rwanda’s Managing Director, Maurice Toroitich noted.He also said that the club will be the driver for the supply chain, which has been missing along the chain, adding that there is high demand. The club has two membership options; individual membership that goes for Rwf84,000 per year and corporate membership which allows up to five directors of a company to join for Rwf210,000 per year.Among other benefits, according to Toroitich, include access to wider local and international markets through KCB corporate schemes, enhanced product offering where a complete project financing and end financing is provided and members also get a special discount from the lender’s partners while purchasing building materials.KCB Rwanda becomes the third country to have the club after Kenya, Uganda to launch the “developers club”.“KCB being the largest lender in Eastern Africa, we recognised the demand for housing growing exponentially in the region. To meet this demand, the bank continues to avail mortgage finance for both commercial and residential projects,” Director, Mortgage Business KCB Group, Joram Kiarie noted.

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KCB Rwanda’s mortgage product hit $18million