Absa Bank Kenya has committed Ksh.4 billion to support affordable housing initiatives across the country, a strategic move aimed at narrowing the nation’s housing deficit and promoting inclusive urban development. The funding, which will be disbursed through onward lending, is expected to catalyze the transformation of the housing landscape, particularly within the retail segment.
This timely intervention comes against the backdrop of a significant housing shortfall in Kenya, where the annual demand for new housing units is estimated at 250,000, yet supply falls drastically short. Currently, the national housing deficit stands at over two million units, exacerbated by rapid urbanization, a growing population, and economic inequality.
Speaking at the International Housing Solutions (IHS) Affordable Housing Conference in Nairobi, Zaharaa Khanbhai, Absa Group’s Commercial Property Finance Director, emphasized the need for collaborative efforts to unlock Kenya’s housing potential. “We must collectively address barriers such as land availability, infrastructure costs, regulatory complexity, and access to finance,” she noted.
Khanbhai underscored Absa Bank’s commitment to being more than just a financier. “We are a thought partner, advocate, and enabler of change,” she said, highlighting the bank’s approach of engaging with customers to understand their needs and help actualize their dreams of home ownership.
Shiv Arora, CEO of Superior Homes, lauded institutions like Absa for championing mortgage uptake and supporting homebuyers in achieving long-term financial security through property ownership.
The conference, the first of its kind in Kenya, convened key stakeholders in housing, finance, and policy from across Africa to explore innovative and sustainable solutions to the housing challenge. It also aligns with the Government of Kenya’s Affordable Housing Program, which has laid a solid foundation for private sector investment through enabling policy reforms.
As part of its broader pan-African strategy, Absa is also extending sophisticated financial solutions to developers and investors in sectors such as commercial, retail, hospitality, and green infrastructure. This initiative is in line with the bank’s mission to support smart, sustainable, and inclusive development across East Africa.
