Absa readies Sh4Bn for home loans under affordable housing plan
From left: IHS Group Managing Director Cathal Conaty, IHS Kenya Investment Manager Freda Rutere, Absa Bank Commercial Property Finance EA Director Zaharaa Khanbhai, IHS Kenya Managing Director Kioi Wambaa, and Absa Bank Commercial Property Finance Head – Africa Region Sandile Mpanza during the IHS Affordable Housing Conference. The high-level dialogue showcased cross-sector collaboration to accelerate delivery of scalable, inclusive housing in line with Kenya’s national development priorities.
Home hunters seeking to secure houses under the Kenya Kwanza administration's Affordable Housing Programme have a reason to smile with lender Absa Bank Kenya earmarking KES4 billion for onward lending to buyers.
In an update on Friday, Absa Bank said the funding will be vital in supporting the industry in closing the country's housing gap.
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Under Kenya's Affordable Housing Programme, President William Ruto's government aims to construct 250,000 housing units each year, categorized into social, affordable, and market units.
Through the KES4 billion programme, Absa Bank Kenya will be expanding its investment portfolio with the Kenya Mortgage Refinance Company (KMRC) from the current KES3 billion.
“If we are truly to unlock Kenya’s housing potential, we must collectively address the barriers from land availability and infrastructure cost to regulatory complexity and access to finance,” said Absa Bank Commercial Property Finance East Africa Director, Zaharaa Khanbhai.
She added that the lender is committed to being part of the solution, not just a financier, but as a thought partner, advocate and enabler of change.
Khanbhai was speaking at the International Housing Solutions (IHS) Affordable Housing Conference in Nairobi, where he explained how Absa is playing a critical role to address the challenges and close the financing gap in affordable housing regionally.
The conference, the first to be held in Kenya, comes at a time when the housing deficit in Kenya currently stands at over two million units, with annual demand rising by more than 200,000 homes.
Similar trends are seen across East Africa, driven by rapid urbanization, population growth, and widening economic disparities.
The event convened the continent's leading voices in housing, finance and policy to explore the intersection of innovation, sustainable finance, and inclusive development in addressing Kenya's affordable housing challenge.
As part of its broader pan-African strategy, Absa Bank is leveraging the capabilities of the Absa Group to provide developers and investors with more sophisticated, large-scale financial solutions. This spans commercial, retail, hospitality, and green infrastructure projects, aligned with the group’s focus on smart, sustainable, and affordable development.
