FIRST MORTGAGE BANK TO BET SET UP IN TANZANIA

The first specialized mortgage lender bank, is being set up in Tanzania.

Mortgages Finance Tanzania Limited is a greenfield mortgage finance bank being set up in Tanzania in partnership with Bank “M” Tanzania Limited, a local bank.

Bank M Tanzania Limited (Bank M) is a fully-fledged commercial bank and one of the fast growing commercial banks in the country. 

It was licensed to undertake banking business in Tanzania in February, 2007 and opened its doors for business in July, 2007.

Also in partnership is the largest housing finance company in Asia, Housing Development Finance Corporation Limited India (HDFC).

The International Finance Corporation (IFC) has released a Summary of Investment Information (SII) disclosing a factual summary of the main elements of the potential investment. 

According to IFC, the investors are Mr Sanjay Suchak and the Karimjee family of Tanzania.

East African Business Week