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Biggest African Bank’s Unit Sees Home Loans Booming in Kenya

  • Stanbic Bank is Kenya’s second-biggest mortgage lender
  • Eight banks control 84% of the $2 billion mortgage market
A Stanbic Holdings Plc bank branch in downtown Nairobi, Kenya.

A Stanbic Holdings Plc bank branch in downtown Nairobi, Kenya.

Photographer: Fredrik Lerneryd/Bloomberg

Stanbic Bank Kenya Ltd., a unit of Africa’s biggest lender by assets, forecasts its mortgage business in the nation to surge as the economy recovers from the pandemic and the end of presidential elections brings political stability.

The unit of South Africa’s Standard Bank Group Ltd. says it’s Kenya’s second-largest mortgage lender and demand for the product is surging. That in part will help the bank’s lending to expand in the “high double digits,” said Chief Financial Officer Dennis Musau.