World Bank Group member the International Finance Corporation has partnered with pan-African finance organisation Letshego Africa to increase access to affordable housing finance for thousands of individuals in Namibia, with the potential to expand its partnership to other countries.
The IFC’s $50-million financing facility to Letshego’s subsidiary in Namibia will extend access to affordable housing finance for over 4 000 Namibians.
“Our strategic purpose is clear – we want to improve lives across the communities where we operate. Increasing access to simple and appropriate financial solutions, for more individuals and small business owners, will enable us to deliver on this promise,” says Letshego Holdings group CE Andrew Okai.
Although 78% of Namibians have a bank account, only 12% of households have mortgage-financed homes. The majority of Namibians do not qualify for mortgages from commercial banks, because they are often unaffordable.
The IFC works with partners across Africa to help increase access to affordable housing including supporting the development of sustainable and responsible mortgage markets.
Letshego Group is an African retail services organisation with operations in 11 markets in sub-Saharan Africa.