Browsing: Mortgage lending

According to Tanzania Mortgage Refinance Company Ltd (TMRC), these products are competing with mortgage in terms of loan amount and to some extent tenor as they are offering consumer loans for the tenor of up to seven years amounting to around TZS 120 million, an amount enough to buy a housing unit.

However, a key element in the growth of the mortgage market in Tanzania continues to be the provision of long-term funding both in the forms of refinancing and pre-financing by the TMRC to facilitate PMLs matching their assets (mortgage) and liabilities (funding).

TMRC was established in 2010 under the Housing Finance Project (HFP) which was set up by the Ministry of Finance and Planning in collaboration with the World Bank and the Bank of Tanzania.

As his banking operation grew Vingirai became the target of what has been called deliberate skullduggery against successful businesspeople in Zimbabwe. In 2004 after the banking crisis that claimed the scalps of most of the indigenous banks in Zimbabwe Nicholas Vingirai had to leave the country and spent seven years in self-imposed exile after he was charged with contravening the country’s exchange control laws.

He was absolved in 2011 of the charges of externalization of foreign currency however, the government had expropriated his firm Intermarket Holdings in 2006. Since that time Vingirai has been on a crusade to recover his assets which are now in the centre of the dispute. ZB Financial Holdings comprises of assets that belong to Transnational Holdings Limited. For the assets that were annexed from Vingirai, the government duly transferred 22.7% of the shares in ZB Financial Holdings to the veteran banker.

More shares are due to Vingirai’s investment vehicle so that they correspond to the value of Intermarket Holdings at the time that the government took it over. In July 2021, 11% of ZB Financial Holdings shares were supposed to be transferred to Transnational Holdings Limited. This is pending. The dispute has been long drawn out with all kinds of proposals being made, ranging from demerging Intermarket from ZB to allocating shares to the veteran banker.