Interview with Oscar Mgaya CEO of Interview with Oscar Mgaya CEO of Tanzania Mortgage Refinance Company (TMRC)
established in 2011 to support banks in mortgage lending by refinancing their mortgage portfolios. Mr Mgaya discusses the progress TMRC has made over the past few years and talks about the strategies that can be employed to further develop the housing sector in Tanzania. He also identifies the best investment opportunities, which lay in developing affordable housing projects to supply the huge demand. Mr Mgaya also revealed that now TMRC lends to non-member banks in addition to its member banks. TanzaniaInvest (TI): How successful has TMRC been in supporting mortgage lending in Tanzania? Oscar Mgaya (OM): At the end of 2013 the total outstanding mortgage debt in Tanzania was TZS156b, while in 2016 it is TZS481b[+208%]. Additionally, the number of banks offering mortgage products in Tanzania rose from 3 in 2010 to 18 in 2013 and 28 in 2016. From this, it is clear that the mortgage market is growing in support of the housing market. On its side, TMRC was able to provide refinancing of TZS53b, compared to only TZS17b in 2013 [+212%]. Also back in 2013, we had about 11 member banks. Currently (2016), we have 12 member banks (borrowing investors) and 2 non-borrowing investors: Shelter Afrique and National Housing Corporation (NHC).
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