Tanzania Mortgage Refinance Company Ltd. (TMRC)
Tanzania Mortgage Refinance Company (TMRC) is a Mortgage Liquidity Facility operating in Tanzania. As a specialised financial Institution that provides long-term funding to financial institutions for the purposes of mortgage lending, the TMRC is a private sector institution owned by Banks and Non-Bank Institutions.
Tanzania Mortgage Refinance Company (TMRC) is a financial institution owned by Banks and Non-Bank Institutions with the sole purpose of supporting banks to do mortgage lending by refinancing banks’ mortgage portfolios.
Currently, TMRC has sixteen shareholders namely CRDB (12.98%), NMB (9.73%), EXIM Bank (6.49%), Azania Bank (10.82%), TIB Development Bank (8.11%), BancABC 5.41%), DCB Commercial Bank (9.95%), NBC (5.41%), BOA (5.41%), I&M Bank (2.7%), PBZ (2.7%), NIC Bank (2.7%), NHC (6.49%), Shelter Afrique (10.09%), Mkombozi Commercial Bank (1.67%, and First Housing Finance Co. (3.33%). Each of the above institutions has subscribed to the issued share capital of the company with the minimum of TZS 500 million. As at the end of September 2019, total subscribed and paid up capital amounted to TZS 18.96 billion.
TMRC has the objective of supporting financial institutions to do mortgage lending by refinancing Primary Mortgage Lenders’ (PMLs’) mortgage portfolios. This type of lending is also known as wholesale or secondary market lending. TMRC neither take deposits nor lend directly to individuals. TMRC refinance mortgage loan portfolios rather than individuals mortgage loans and cater to banks and other PMLs rather than individual borrowers.
As the balance sheet of TMRC grows, shareholders are expected to increase their capital in the company. There are no restrictions on other banks or other eligible institutions to participate in the equity of TMRC. The company is an ‘open club’ with no restrictions on entry for eligible investors.
To become the preferred secondary market intermediate for mortgage financing in Tanzania.
To expand home ownership in Tanzania by providing long term financing to primary mortgage lenders.See more