I&M Bank and Centum Real Estate MOU

I&M Bank and Centum Real Estate MOU

Press Release:

Nairobi, 6th December 2023
I&M Bank and Centum Real Estate have solidified their partnership through the signing of a Memorandum of Understanding (MOU), aiming to streamline the home purchasing process for Centum RE customers.

This collaboration will empower potential homeowners by providing enhanced access to mortgage financing solutions. Under the terms of the agreement, I&M Bank will extend its support to Centum’s Diaspora clientele, assisting them in mortgage applications and facilitating equity release arrangements for home purchases.

The financing arrangement enables up to 90% financing for Kenyan Shilling mortgages and up to 80% for dollar mortgages. Notably, the interest rate for Kenyan Shilling loan facilities is set at an attractive minimum rate of 16.66% per annum.

Kenneth Mbae, Managing Director of Centum Real Estate, emphasized the mutually beneficial nature of their partnerships with multiple banks, creating avenues for both diaspora and local clients to acquire properties at pre-negotiated mortgage rates. He also noted that the partnership with I&M Bank will simplify the home purchase process for diaspora clients, who are particularly focused on verifying property quality and value.

“We are excited about our collaboration with I&M Bank, a partnership that goes beyond transactions to enhance our customers’ experience. This synergy not only simplifies the home purchase process for our valued clients but also signifies our commitment to delivering exceptional service and value in every step of their journey with Centum Real Estate,” Mr. Kenneth added.

Martin Muchemi, Head of Mortgage at I&M Bank, expressed enthusiasm about the partnership, highlighting the commitment of both entities to delivering innovative mortgage solutions. He stated, “This collaborative effort signifies our dedication to transforming homeownership dreams into reality. It also reaffirms our commitment to providing tailored services to our valued clients.” I&M Bank boasts a robust
Mortgage Financing offering designed to cater to diverse needs such as property purchase, undeveloped plots, construction, and renovations. The solution provides a range of products addressing customers’ requirements in terms of loan amount, purpose, and repayment flexibility.

About I&M Bank Limited
I&M Bank is a leading Tier 1 commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania, Rwanda, and Uganda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client, and Personal financial services.

I&M Bank is wholly owned by I&M Group PLC which is listed on the Nairobi Securities Exchange. British International Investment (BII – Formerly CDC Group plc) owns approximately 10.68% of I&M Group PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be Kenya’s Leading Financial Partner for Growth through provision of innovative and market driven banking solutions for its target segments.
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I&M Bank Media Contact
Mwihaki Wachira
Head of Marketing and Communications
+ 254 719088205