Habitat for Humanity and The MasterCard Foundation
The two organizations partner to expand access to housing microfinance in Kenya
Habitat for Humanity International and The MasterCard Foundation launched their five-year partnership to expand microfinance services by existing financial institutions, to maintain and improve homes for disadvantaged families in Kenya on September 19, 2013.
Kenya is one of three African countries where this initiative has been launched. The partnership began in Ghana in October last year and was launched in Uganda in April this year.
An estimated 1.7 billion people live in sub-standard shelter around the world, a circumstance that is compounded by dysfunctional formal housing markets that rarely include services for low-income populations. Developer-built, bank-financed homes are rare in Africa, typically serving far fewer than five percent of households in most African countries.
The Habitat for Humanity and The MasterCard Foundation partnership will target the building of capacity of local financial institutions already serving the poor to diversify their products to meet shelter-related needs and so reach those people in Uganda, Ghana and Kenya, and who cannot access formal financial institutions.
Targeted financial institutions will offer a bundled package of financial and housing support services, a unique approach that will be tested for scale and growth.