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 eighteen  shareholders namely CRDB (12.8%), NMB (7.7%), EXIM Bank (5.1%), Azania Bank (10.7%), TIB Development Bank (6.4%), BancABC (4.3%), DCB Commercial Bank (4.7%), NBC (5.3%), BOA (4.3%), I&M Bank (2.7%), PBZ (2.7%), NCBA Bank (2.17%), NHC (5.1%), Shelter Afrique (10.0%), Mkombozi Commercial Bank (1.3%),  First Housing Finance Co. (4.3%) and International Finance Corporation ( IFC ) 9.1%, Mwanga Hakika Bank (MHB) (1.3%. Each of the above institutions has subscribed to the issued share capital of the company with the minimum of TZS 500 million. Total subscribed and paid-up capital is TZS 25.87 billion and owners’ equity of TZS 35.95 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.

TMRC Motto
“Home ownership through financial intermediation”

TMRC Core Values

  • Teamwork
  • Integrity
  • Passion and 
  • Efficiency.

Business Strategy/Model

TMRC’s business strategy involved the following phases:
Phase 1 – Initial years of operations, TMRC refinance and pre-finance the mortgage loans and mortgages pipelines of PMLs using the World Bank Loans. The World Bank initial loan of USD 30 million was advanced to member banks and non-member banks through TMRC whenever required by PMLS through Bank of Tanzania in Tanzania Shillings equivalent Phase II – From the later years onwards, The World Bank second loan of USD 40 million blended with TMRC’s corporate bonds, private and public (Through Capital Market), issuances were advanced to PMLs in Tanzania.  After exhaustion the World Bank loan, TMRC will be funding its operations from a combination of both shareholders’ equity/ profit ,by issuing corporate bonds in the capital market and establishing credit line with other investors attracted into deepening Housing Finance Market in Tanzania. The bonds issued by TMRC are plain vanilla bonds with semi-annual interest payments and bullet repayment.

The TMRC’s partners are the World Bank, Bank of Tanzania, and Commercial Banks.

In the first phase of its operations, TMRC pre refinanced the loans of banks using a World Bank Loan and shareholders’ equity. The World Bank loan of US$ 30 million was advanced to TMRC by the Bank of Tanzania in TZS equivalent. Additional financing amounting to US$ 40 million was issued by the World Bank to continue supporting phase 1 of TMRC operations. TMRC has started sourcing funds from capital markets as per the second phase of its existence. The market-based funding is by issuing corporate bonds in the capital market. A Medium Term Note Programme (MTN) valued at TZS 120 billion was approved by Capital Markets and Securities Authority (CMSA) in May 2018. The MTN program has been used to mobilize funds from the capital market since 2018. The company has successfully issued a total amount of TZS 41.86 billion in four different tranches for a period of five years from June 2018 to May 2023.

The TMRC has the following project goals / expectations:

  • Provision of secure long term funding at attractive rates to member banks to continue lending to their clients
  • Continue lowering the cost of funds, which can lead to a lowering of mortgage rates, thereby improving affordability and extending the range of potential borrowers
  • Continue facilitating member banks to extend the mortgage maturity to be in line with normal mortgage products
  • Contributing to the growth of the mortgage sector through TMRC support to PMLs
  • Contributing to the growth of Tanzanian capital markets through the issuance of TMRC bonds to source funds for long term lending to member banks
  • Assist in the standardisation of mortgage practice in Tanzania through specialised training to member banks on the origination of mortgages
  • Facilitating the entry of new mortgage lenders in the market due to the existence of MLF which guarantee the funding of mortgage portfolios