Co-op Bank Kenya, Optiven, Maskani Announce Multi-Billion Shilling Partnership for Affordable Houses
- Kenya National Bureau of Statistics (KNBS) Housing Survey 2024 indicated that 55.5% of Kenyans prefer building their own home
- Co-operative Bank, Optiven and Everstrong Maskani announced a partnership that will finance this group of Kenyans to acquire and construct their own houses
- Co-op Bank head of mortgage Kahindi Ponda said the collaboration offers affordable credit to more than 9 million customers and ensures their dream homes are complete
Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with TUKO. Enroll Now!
Wycliffe Musalia has over six years of experience in financial, business, technology, climate, and health reporting, providing deep insights into Kenyan and global economic trends. He currently works as a business editor at TUKO.co.ke.
Kenyans planning to buy and build their own homes can now achieve their dreams.
Source: UGC
The Co-operative Bank of Kenya, Optiven Limited, and Everstrong Maskini LLP have inked a deal to finance land acquisition, construction, and financing for Kenyans.
Why Co-op Bank enters house financing deal
The collaboration between the lender and the two sector players was born from the fact that Kenyans prefer to build their own homes.
Search option is now available at TUKO! Feel free to search the content on topics/people you enjoy reading about in the top right corner ;)
Kenya Housing Survey 2024, released by the Kenya National Bureau of Statistics (KNBS) and the State Department for Housing, showed that 55.5% of tenants prefer building their homes to buying completed units.
"The approach offers affordability and flexibility, but it often leads to project delays, stalled construction, or poor workmanship due to fragmented processes and a lack of financial oversight. This is what informed our partnership, which will create a unified ecosystem where customers can access land, financing, and construction services," read the Co-op Bank statement in part, seen by TUKO.co.ke.
Head of Mortgage Finance at Co-operative Bank of Kenya, Japhet Kahindi Ponda, said the partnership allows over nine million bank customers access to affordable credit and to complete their home projects.
Why acquire land via Co-op Bank, Optiven partnership
Optiven Limited CEO George Wachiuri noted that the collaboration has eased home ownership for many Kenyans.
"The partnership will give every customer a clear, safe, and professionally managed path to home ownership," said Wachiuri.
Source: UGC
Head of Refinancing at Kenya Mortgage Refinance Company (KMRC), Geoffrey Mwaura, emphasised the affordability aspect of the partnership.
He revealed that KMRC has offered over KSh 22 billion to financial institutions, including Co-op Bank, for home ownership.
"Customers can access loans of up to KSh 10.5 million at single-digit interest rates - Co-operative Bank offers 9.5% fixed for the term of the loan, up to 25 years. This means once you start paying, your monthly payment remains constant until you redeem your mortgage, protecting you from interest rate fluctuations," said Mwaura.
What's the role of Co-op Bank, Optiven and Maskani?
Co-operative Bank's technical team will periodically assess the step-by-step progression of customer projects as quality assurance to ensure contractors are only paid upon successful delivery of each construction phase.
Optiven Limited will provide quality land options across key developments.
Everstrong Maskani LLP will deliver professional construction services.
Co-op Bank real estate deal
In April 2025, Co-operative Bank and Finsco Africa signed a deal to enhance real estate investments among Kenyans.
The partnership aimed at opening opportunities for individuals and investors in the sector.
Ponda said the partnership supports the government's affordable housing agenda through financing from the Kenya Mortgage Refinance Company.
Proofreading by Asher Omondi, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
