Nairobi, April 1 -- The Kenya Mortgage Refinance Company (KMRC) has created a trust that will run a guarantee scheme aimed at cushioning banks and saccos extending home loans to low-income workers, including those in the informal sector.

KMRC chief executive officer Johnstone Oltetia said a company known as Kenya Mortgage Guarantee Trust (KMGT) has already been formed to manage the scheme.

The scheme, which will provide a partial guarantee for any mortgage extended to persons deemed to be high-risk, is aimed at expanding access to housing by boosting the confidence of lenders.

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Published by HT Digital Content Services with permission from Business Daily....