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International Finance Corporation (IFC)

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private…

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International Finance Corporation (IFC) - (IFC)

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

https://www.ifc.org/

CRDB Bank Plc

CRDB Bank Plc is a commercial bank in Tanzania. It licensed by the Bank of Tanzania, the central bank and national banking regulator. CRDB Bank was formed when…

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CRDB Bank Plc - (CRDB)

CRDB Bank Plc is a commercial bank in Tanzania. It licensed by the Bank of Tanzania, the central bank and national banking regulator. CRDB Bank was formed when the former Cooperative Rural Development Bank which had been wholly government-owned, was privatized, recapitalized and restructured. DANIDA played a significant role in re-structuring the new institution and is a part owner of the new bank

https://crdbbank.co.tz/

Azania Bank Ltd.

Azania Bank Ltd (formally 1st Adili Bancorp Ltd) is now a Commercial Bank was established in 1995 as a financial institution following the liberalization of…

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Azania Bank Ltd. - (AzaniaBank)

Azania Bank Ltd (formally 1st Adili Bancorp Ltd) is now a Commercial Bank was established in 1995 as a financial institution following the liberalization of the banking sector. The initiative of setting up the bank came from indigenous Tanzanians who teamed up with the two social security fund in the country, National Social Security Fund (NSSF) and Parastatal Pension Fund (PPF) to support the start up of the bank.

https://azaniabank.co.tz/

Shelter Afrique

Shelter Afrique is a Pan-African real estate and construction financier that has been in operation for over 32 years. It was created by the African Development…

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Shelter Afrique - (Shelter Afrique)

Shelter Afrique is a Pan-African real estate and construction financier that has been in operation for over 32 years. It was created by the African Development Bank as the premier housing finance institution on the continent of Africa. Shelter Afrique mandate is to make housing more affordable and help member states to close their housing deficits. Currently, Shelter Afrique has 44 African States (including Tanzania) as shareholders and member countries.

https://www.shelterafrique.org/

National Microfinance Bank

National Microfinance Bank (NMB), is a commercial bank in Tanzania, the second-largest economy in the East African Community. It is licensed by the Bank of…

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National Microfinance Bank - (NMB)

National Microfinance Bank (NMB), is a commercial bank in Tanzania, the second-largest economy in the East African Community. It is licensed by the Bank of Tanzania, the central bank and national banking regulator

https://www.nmbtz.com/

TIB Development Bank

TIB Development Bank, formerly known as Tanzania Investment Bank (TIB), is a government-owned development bank in Tanzania. The bank is the first development…

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TIB Development Bank - (TIB)

TIB Development Bank, formerly known as Tanzania Investment Bank (TIB), is a government-owned development bank in Tanzania. The bank is the first development finance institution established by the Government of Tanzania. The activities of TIB are supervised by the Bank of Tanzania, the central bank and national banking regulator.

https://www.tib.co.tz/

Exim Bank - Tanzania

Exim Bank (Tanzania) (EBT), is a commercial bank in Tanzania, the second-largest economy in the East African Community. The bank is one of the commercial banks…

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Exim Bank - Tanzania - (EBT)

Exim Bank (Tanzania) (EBT), is a commercial bank in Tanzania, the second-largest economy in the East African Community. The bank is one of the commercial banks licensed by the Bank of Tanzania, which is the country's central bank and national banking regulator

https://www.eximbank.co.tz/

DCB Commercial Bank Plc

DCB Commercial Bank Plc (DCB) was registered  as a  Limited Company on 6th September 2001. In April 2002, DCB started business as a regional…

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DCB Commercial Bank Plc - (DCB)

DCB Commercial Bank Plc (DCB) was registered  as a  Limited Company on 6th September 2001. In April 2002, DCB started business as a regional microfinance institution. On 12 June 2003 the bank was issued with a licence to carry out banking business as Dar es Salaam Community Bank Limited. In 2005, after only 3 years of its operation, DCB broke-even

https://www.dcb.co.tz/

National Housing Corporation

The current National Housing Corporation is the outcome of the decision of the Government to dissolve the Register of building (RoB) through Act of Parliament…

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National Housing Corporation - (NHC)

The current National Housing Corporation is the outcome of the decision of the Government to dissolve the Register of building (RoB) through Act of Parliament No.2 of 1990, which vested its responsibilities with the NHC. The former NHC was established by Act of Parliament No.45 of 1962, while RoB was established by Act No.13 of 197

http://www.nhc.co.tz

BancABC

BancABC is a financial services provider in Southern Africa and Eastern Africa. As of December 2013, the bank's group assets were valued at approximately…

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BancABC - (BancABC)

BancABC is a financial services provider in Southern Africa and Eastern Africa. As of December 2013, the bank's group assets were valued at approximately US $1.77 billion (BWP:15.78 billion), with shareholders' equity valued at over US $162.34 million (BWP:1.45 billion).[2] BancABC has subsidiaries in Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe, with plans to expand into Angola, South Sudan, and Uganda

http://www.bancabc.co.tz/

Bank of Africa

Bank of Africa (BOA) – Tanzania is a Private Commercial Bank operating in Tanzania serving corporate and retail customers. The Bank began operations in…

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Bank of Africa - (BOA)

Bank of Africa (BOA) – Tanzania is a Private Commercial Bank operating in Tanzania serving corporate and retail customers. The Bank began operations in Tanzania in June 2007 after acquiring Eurafrican Bank which had been operating in Tanzania since September 1995.

https://www.boatanzania.com/

National Bank of Commerce

NBC Ltd. was formed on 1st April 2000 when NBC (1997) Ltd. was privatised and sold to ABSA Group Ltd. (now called Barclays Africa Group Limited) of South…

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National Bank of Commerce - (NBC)

NBC Ltd. was formed on 1st April 2000 when NBC (1997) Ltd. was privatised and sold to ABSA Group Ltd. (now called Barclays Africa Group Limited) of South Africa. NBC (1997) Ltd. was itself born out of the nationalization of banks and financial institutions in Tanzania in 1967.Tanzania later deregulated banking in 1991. In 1997, a decision was taken to split NBC into three entities, namely NBC Holding Corporation, National Micro-finance Bank (NMB) and NBC (1997) Limited. This was the first step towards the privatization of NBC.

NBC Ltd has a partnership with the government, and other organizations, in promoting the socio-economic development and prosperity of Tanzania. The government of the Republic of Tanzania has committed itself to transforming the economy of the country from being public-sector driven to being private-sector driven. To this end, privatisation has been chosen as one of the key routes by government. Privatisation entails that government is moving out of business - as in the management of companies - and promoting an enabling environment for economic growth and development as supported by the private sector.

https://www.nbc.co.tz/

First Housing Finance (T) Ltd

First Housing Finance (Tanzania) Limited, is a mortgage bank in Tanzania. It is licensed by the Bank of Tanzania, the country's central bank and national…

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First Housing Finance (T) Ltd - ()

First Housing Finance (Tanzania) Limited, is a mortgage bank in Tanzania. It is licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in mortgage lending. It is Tanzania's first dedicated mortgage lender.

The bank is a greenfield start-up that received a banking license from the Bank of Tanzania in July 2017. The establishment of the bank is a joint effort by Bank M, a commercial bank in Tanzania together with two deep-pocketed private Tanzanian investors and two international corporations, the International Finance Corporation and India's mortgage conglomerate, Housing Development Finance Corporation Limited

https://www.firsthousing.co.tz

Mkombozi Commercial Bank

Mkombozi Commercial Bank Plc (MKCB) started as an initiative of the Tanzania Episcopal Conference in 2009 to establish a Commercial Bank with the main…

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Mkombozi Commercial Bank - (MKCB)

Mkombozi Commercial Bank Plc (MKCB) started as an initiative of the Tanzania Episcopal Conference in 2009 to establish a Commercial Bank with the main objective of serving and supporting the emerging Tanzanian businesses for provision of financial services.

Mkombozi Commercial Bank’s target markets are small and medium sized entrepreneurs, companies, SACCOS, social enterprises such as schools, universities and corporations. MKCB serves the need of growing companies, middle-market and large corporations, institutional investors, financial institutions and government entities.

https://mkombozibank.co.tz/

NCBA Group Plc

NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in…

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NCBA Group Plc - (NCBA)

NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.

https://ncbagroup.co.tz

I&M Bank

I&M Bank started operations in Tanzania in 2010 by acquiring CF Union Bank. I&M Bank Group traces its roots to Investments & Mortgages Limited, a…

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I&M Bank - (I&M)

I&M Bank started operations in Tanzania in 2010 by acquiring CF Union Bank. I&M Bank Group traces its roots to Investments & Mortgages Limited, a financial services company started by I&M Group Chairman Sarit S Raja Shah’s father SBR Shah in 1974 which operated in Nairobi, Kenya.

https://www.imbank.com/tz/

People’s Bank of Zanzibar

People's Bank of Zanzibar (PBZ), is a commercial bank in Tanzania. It is licensed by Bank of Tanzania, the central bank and national banking regulator.

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People’s Bank of Zanzibar - (PBZ)

People's Bank of Zanzibar (PBZ), is a commercial bank in Tanzania. It is licensed by Bank of Tanzania, the central bank and national banking regulator.

https://pbzbank.co.tz/

Mwanga Hakika Bank Limited

Mwanga Hakika Bank Limited (MHB) has been formed by the successful merger of three different banks i.e EFC Tanzania Microfinance Bank (EFC), Hakika…

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Mwanga Hakika Bank Limited - (MHB)

Mwanga Hakika Bank Limited (MHB) has been formed by the successful merger of three different banks i.e EFC Tanzania Microfinance Bank (EFC), Hakika Microfinance Bank (Hakika), and Mwanga Community Bank (MCB).

https://mhbbank.co.tz/

Eligibility Criteria

Loans refinanced by TMRC should be fully disbursed and should be for the purchase, refinance, construction or renovation of a residential building. Loans…

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Eligibility Criteria - ()

  • Loans refinanced by TMRC should be fully disbursed and should be for the purchase, refinance, construction or renovation of a residential building.
  • Loans refinanced with TMRC should have 11.11% over collateralization unless additional collateral is provided in the form of fixed deposits, pension benefits/entitlement, collateral replacementindemnity or government
  • Securities whose total value shall be atleast 10% of the value.
  • TMRC will accept only first liens.
  • The mortgage loans are up to date at the point of refinance.
  • The mortgage loan refinanced should at the time of refinance/replacement have a remaining life which expires on or after the maturity date.
  • The mortgage loan will have performed for a minimum of 6 months prior to being used for refinancing/replacement.
  • The mortgaged property is insured against fire up to its full insurable value with a loss payable endorsement designating the PML as the first loss payee.
  • To the best of the knowledge of the mortgage originators, the borrower is not a discharged bankrupt or no bankruptcy proceedings have commenced against the borrower.
  • To the best knowledge of the mortgage originator, the borrower is not deseased.
  • The loan has been extended in local currency only.
  • The borrower is natural person.
  • There should be adequate provision in the mortgage instrument enabling the mortgagee to share information and/or transfer the charge or assign all the rights, interest and obligations under the mortgage instruments to any person as the mortgagee deems fit. 
  • TMRC shall refinance mortgage loans up to the value of TZS 500 million. TMRC can partially re-finance mortgage loans with values exceeding TZS 500 million as long as it re-finances only that portion up to TZS 500 million limit. However such loans (i.e. with values exceeding TZS 500 million shall not exceed a maximum of 25% of any given re-finance mortgage portfolio). 
  • Maximum loan to value (value being the lower of property price and appraisal value) of 90%. Loan-to-value of 100% can be accepted provided additional collateral is provided in the form of fixed deposits, pension benefits/entitlement, collateral replacement indemnity or government securities whose total value shall be at least 10% of the value.

Membership Benefits

TMRC serves as a secure source of long-term funding at attractive rates while ensuring sound lending habits amongst banks. This would help reduce any maturity mismatch risk for banks and increase available loan terms.This would in turn help improve the affordability of mortgages and extend the range of qualifying borrowers which would result in the expansion of the primary mortgage market and thus home ownership in the country.

In times of credit crunch, TMRC can also help a bank cover any unexpected short-term deposit outflow (or other temporary losses of funds), thereby avoiding potentially costly short-term borrowing or asset liquidation.

Additionally, TMRC can act as an efficient way of connecting long-term investors with the institutions generating long-term assets in Tanzania, thus helping develop a debt market and a longer term yield curve. TMRC's existence may also lead to the establishment of specialized housing finance companies in the private sector. This has been evidenced in Egypt where at least four such companies got established once the mortgage liquidity company was established there in 2006. TMRC can also facilitate increased competition in the mortgage market by creating a longer term funding source.

Overall the key benefits of a Mortgage Liquidity Facility can be summarized as:

The provision of secure long term funding at attractive rates. Lowering the cost of funds, which can lead to a lowering of mortgage rates, thereby improving affordability and extending the range of potential borrowers.

The availability of long term fixed rates can help provide a degree of certainty, which can help the markets develop with confidence.

Allows for greater competition in the mortgage market. The introduction of TMRC means new institutions to enter a market which was previously restricted to those with either a good credit rating or to those who had invested in a branch network and had significant deposit collection capabilities. TMRC will therefore enable a more diversified set of lenders to develop than just like large commercial banks, and can be a driving force for competition on the primary market, another factor promoting efficiency and affordability.

Typically TMRC customers will be a deposit taker, often carrying a large supply of short term liabilities. Whether it is for regulatory reasons, economic instability, inflationary environment or general risk averseness, the short term liabilities are not always easily converted into longer term assets. TMRC provides a back up and allows for better management of the balance sheet. The short term deposits can therefore be used for long term lending, safe in the knowledge that TMRC will be there as a lender of last resort.

By acting as a central refinancing platform, TMRC is able to act as a force for standardization in the market, pushing Member banks to adhere to best practice. TMRC will be able to set a criteria for the types of loans it will refinance, including standardized documentation, processes, risk characteristics, etc. Standardizing market practices allows for greater transparency, allows the creation of market information systems, which in turn can lead to better risk management better market and consumer regulations and an overall lowering of the risks associated with mortgage lending.

Acts as an intermediate step on the path to a full secondary mortgage market.

Whether it is the lack of adequate legislation, the absence of credit bureaus or the absence of rating agencies, many countries are not able to directly make the leap from funding mortgages through short term deposits to refinancing them on secondary mortgage markets using covered bonds or securitization.

Act to deepen the financial market more generally by providing a long term investment to institutions with long term liabilities. Institutions such as pension funds, social security funds or insurance companies which have long dated liabilities are not always able to match that adequately solely using public debt issuance. So often they engage directly in the mortgage market or real estate markets (both commercial and residential) often with poor results. TMRC will act as an efficient way of connecting long term investors with the institutions generating long term assets.

TMRC is a tool for delivering policy objectives such as the promotion of affordable housing or the promotion of local currency lending.