CORPORATE SCENE company ’ s mandate is to provide long-term funds to primary mortgage lenders including banks , microfinance institutions & Saccos to increase the availability and affordability of home loans to Kenyans . The company was developed on secondment of the World Bank as a means of providing affordable housing and home ownership financing . The World Bank provided technical assistance and financing to the Government of Kenya to design and operationalize KMRC . The IFC invested equity in KMRC along with the eight commercial banks , one microfinance bank , eleven SACCOs , Shelter Afrique and the Government of Kenya .
Looking at the progress made thus far , there have been over 70,000 units built or developed using the company ’ s modeled products . If you look at the current property market , affordable housing in Nairobi will not be anything below Kes . 4 million for a 2 – 3-bedroom house , and if you look at other urban areas , it will be slightly below or equal to Kes . 3 million .
If you look at the current housing and home ownership patterns , you will note that several individuals seek financing from Saccos to build houses and homes . However , we ’ re educating our members about the difference between taking the Sacco loans and mortgage-based products which would serve them better .
As Stima Sacco , we developed the Makazi Poa which offers a maximum amount of Kes . 7 . 5 million with a repayment period of between 18-144 months on a reducing balance basis . KMRC is enabling us to lend our own money through a 20 to 25-year facility . Previously this would not have been possible ; with our micro-mortgage product going up to only 12 years . This has seen members enjoy affordable mortgage products .
“ The Sacco has been able to grow its overall assets to over 45 billion within the 3-year period . The growth can be attributed to business and equity growth , sustained member value creation and built-up capital by encouraging our members to reinvest their dividends into the share capital . ”
Currently we have a portfolio of about Kes . 43 million and another Kes . 60 million in the pipeline as the rate of mortgage lenders within the Sacco grows . With primary mortgage lenders witnessing a rise in the pipeline of applications for affordable financing , KMRC is helping to recast the mortgage landscape in Kenya to be more inclusive , and we at Stima Sacco will accord them the necessary infrastructure and support .
As a marketing professional , what would you recommend to an aspiring marketer looking to become a CEO or MD in any sector like financial services ?
First let me mention that my journey to where I am was never mapped . I got to where I am by being good at what I do and remaining aspirational . For any marketer or business professional , work hard and work smart , these two must be in tandem . Learn how to get the job done quickest and serve as an influence . Depending on how well you do it , it will define your next steps .
Continually build your capacity and skills and keep abreast with your professional qualifications be they certificate or graduate programmes . Stay hungry , stay curious - ask why ? Or better still ask why not ?
Be faithful to your principles , you will need them when push comes to shove especially in your professional life . Keep growing and grow your networks too .
What tools would you say the 21st century professional ought to consider when picking their career and professional journey ?
Marketing as a career may diminish but marketing will NOT disappear . Selling , customer engagement and many facets of marketing continue being practiced in our daily lives .
In the current times , embrace technology and do it with a human touch . Technology doesn ’ t exist in a vacuum , and it does make our engagement and experience memorable . Learn different forms of technology which will become essential for your role within the marketing space - digital marketers work social media platforms as one of their core activities in different organizations .
Ask yourself as an individual , what makes you tick ? What makes you wake up ? Am I excited by what I do ? Once you identify this , you will have a clear journey of your career .
Embrace your job , be realistic about your expectations , make the right choices and differentiate between desire and realism . Be fully engaged , do not treat it as just a job or employment , be positive and passionate about your work ■
This is an abridged version of the interview between Marketing Africa columnist Richard Wanjohi and Stima Sacco CEO Dr . Gamaliel Hassan , PhD . For feedback or any more discourse on this please drop us a line at :
Info @ marketingafrica . co . ke .
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