International Finance Corporation and Letshego Namibia partner to increase access to affordable housing
The International Finance Corporation’s (IFC) recent US$50 financing facility to Letshego Namibia, could extend access to affordable housing finance for over 4,000 Namibians.
In a statement statement announcing the partnership, the IFC said although 78% of Namibians have a bank account, only 12% of households have mortgage-financed homes, adding that the majority of Namibians do not qualify for mortgages from commercial banks because they are often unaffordable.
“By supporting partners like Letshego to increase the availability of affordable housing loans, we hope to enable more individuals to access quality housing in Namibia,” said Adamou Labara, IFC’s Country Manager for Eswatini, Lesotho, Namibia, South Africa and Zimbabwe
Andrew Okai, Group Chief Executive, Letshego Holdings Limited, said increasing access to simple and appropriate financial solutions, for more individuals and small business owners will enable Letshego to deliver on its promise to improve lives across the communities where they operate.
“By partnering with global institutions like IFC, who share our vision of achieving social impact through sustainable commercial strategies, we can unlock exponential value and potential for us to do more. This is truly an exciting partnership. We appreciate the support, synergy and partnership that IFC brings to our strategy,” added Okai.
The IFC works with partners across Africa to help increase access to affordable housing including supporting the development of sustainable and responsible mortgage markets.