Stanbic Bank Kenya and Fanaka Real Estate have announced a transformative partnership designed to revolutionize the real estate market. This strategic alliance marks a new chapter of collaboration between a major financial institution and a leading real estate company known for offering affordable and authentic land. The partnership aims to tackle key challenges in the sector and create new growth opportunities.
The partnership between Stanbic Bank Kenya represents a strategic alignment designed to leverage each company’s strengths. Stanbic Bank, a subsidiary of Standard Bank Group, brings a wealth of experience in financial services, including a comprehensive portfolio of banking products and solutions. Fanaka Real Estate, on the other hand, has established itself as a key player in offering affordable and genuine land.
As part of the agreement, Stanbic Bank will provide clients with construction financing and ‘Buy & Build’ options through its affordable housing platform. This platform, developed in collaboration with the Kenya Mortgage Refinancing Company (KMRC), offers competitive interest rates and extended repayment terms.
Nelly Waithaka, Head of Products at Stanbic Bank Kenya, commented, “We are delighted to support our clients’ dreams of homeownership. We believe that everyone in Kenya deserves access to quality housing, which drives our commitment to providing innovative real estate financing solutions. This partnership will enable us to connect many individuals with their ideal land and housing units, contributing to the creation of inclusive and sustainable communities.”
Kenya’s real estate sector has been experiencing significant growth in recent years, driven by increasing urbanization and a rising middle class. However, despite this growth, the country faces substantial challenges in meeting the housing needs of its expanding population. According to recent statistics, Kenya requires approximately 250,000 new housing units annually to keep pace with demand, yet the market has struggled to deliver affordable options at scale.
The collaboration between Stanbic Bank and Fanaka Real Estate is set to tackle these challenges by improving access to financing for affordable land. Under this partnership, Stanbic Bank will provide Fanaka Real Estate’s clients with cost-effective financial solutions for purchasing plots and obtaining mortgage loans.
Fanaka offers affordable land options within the Nairobi Metropolis. Their properties are strategically situated in high-demand areas such as Ruiru and Juja along Thika Road, Katani along Mombasa Road, and Kamulu and Malaa along Kangundo Road. All the plots available are ready for construction and located within the Nairobi Metropolis.
Moses Muriithi, CEO of Fanaka Real Estate, expressed, “We are dedicated to the belief that every citizen has the right to accessible home ownership. Our goal is to make land ownership in the Nairobi metropolis achievable for everyone. Our partnership with Stanbic Bank to provide innovative mortgage products demonstrates our commitment to offering homes to individuals at all income levels.”
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