National Bank of Kenya (NBK) and Centum Real Estate have signed a strategic partnership to offer financing solutions for home purchases, land acquisition and construction, in a move the firms say is intended to broaden access to property ownership for Kenyans. The Memorandum of Understanding (MoU) was signed in Kilifi County, according to a joint media release.

The partnership introduces what the companies described as tailored financing options, including mortgages and construction loans, with repayment structured around individual customer circumstances. NBK and Centum Real Estate said the model is designed to shift customers’ focus from a lump-sum purchase price to what they can afford on a monthly basis, as lenders and developers look for new ways to address affordability constraints in Kenya’s housing market.

Kenya continues to face a housing deficit, while tighter household budgets and elevated borrowing costs have weighed on mortgage uptake in recent years. Against this backdrop, banks have been pursuing partnerships with developers to originate mortgages and project-linked financing, while developers seek to expand the buyer pool by aligning payment schedules to construction timelines and expected rental yields.

George Odhiambo, Managing Director at National Bank of Kenya, said the MoU formalises a collaboration aimed at enabling home ownership and real estate investment. “The partnership we are formalizing today represents a shared commitment to enabling home ownership, supporting investment in real estate, and providing customers with tailored financial solutions that help them achieve their aspirations,” Odhiambo said. He added that the partners plan to combine NBK’s “financial expertise and extensive customer network” with Centum’s real estate delivery capabilities.

Martin Kariuki, General Manager, Vipingo Development, framed the arrangement as a way to create more predictable financing for buyers. “A good home should be more than something people admire from a distance. It should be something they can understand, plan for, and move toward with confidence,” Kariuki said. “By connecting quality homes with a more predictable financing path, we want to help more customers see ownership as something they can realistically work toward.”

The statement also included remarks from Ralph Opara, Access Bank Regional Managing Director, East Africa and Country Managing Director, Kenya. “This MOU is not simply about financing property transactions. It reflects our commitment to leveraging Access Bank Group’s international reach, financial strength, and deep market expertise to unlock opportunities for our customers,” Opara said, adding that the partnership aims to support sustainable development and long-term economic growth.

NBK and Centum Real Estate cited an example of a studio apartment priced at KES 2.7 million, saying it can be financed through monthly repayments, which the firms said lowers the barrier to entry for first-time buyers and investors.

A key feature of the offering, according to the release, is an investor-focused structure in which buyers begin servicing their mortgage after the unit has been completed and handed over. The companies said this is intended to allow owners to generate rental income and apply proceeds toward repayments.

For Kenya’s property and banking sectors, such product structures could intensify competition for project-tied mortgages and broaden the menu of lending models beyond traditional buy-to-let and owner-occupier mortgages. However, the commercial viability will depend on delivery timelines, take-up rates, and lenders’ risk management for developments that rely on expected rental cash flows.

The companies did not disclose the targeted number of units, expected mortgage volumes, or the pricing details of the financing products. They said the partnership is intended to expand access to property investment and ownership and support the country’s economic development agenda, with implementation expected to follow the MoU signing.