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.[1]
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| Industry | Financial services |
|---|---|
| Founded | 2017 |
| Headquarters | Dar es Salaam, Tanzania |
Key people | Sasa M. Chonza Chief Executive Officer |
| Products | Mortgages |
| Total assets | TSh 21.8 billion (US$10 million) (Q3:2017) |
| Website | www.firsthousing.co.tz |
Location edit
The headquarters of the mortgage lender are located in Dar es Salaam, the business center and largest city in Tanzania.[2]
Overview edit
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 Azania Bank Limited, 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.[3]
The new lender plans to start with four mortgage products (a) home purchase loans (b) home improvement loans (c) home expansion mortgages. The financial products will be amortized for up to twenty five years.[3]
edit
The bank's stock is privately owned by the following individuals and corporate entities:[3]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Azania Bank Limited | 40.0
|
| 2 | Housing Development Finance Corporation of India | 15.0
|
| 3 | International Finance Corporation | 15.0
|
| 4 | Sanjay Suchak of Tanzania | 15.0
|
| 5 | Karimjee Family of Tanzania | 15.0
|
| Total | 100.00
|
See also edit
References edit
- ^ Mirondo, Rosemary (11 August 2017). "Bank of Tanzania licenses new mortgage finance company". Dar es Salaam: Asokoinsight.com Quoting The Citizen. Retrieved 25 October 2017.
- ^ Citizen Reporter (22 October 2017). "Tanzania's First Mortgage Finance Company Starts Operations". The Citizen via AllAfrica.com. Dar es Salaam. Retrieved 25 October 2017.
- ^ a b c Daily News Staff (23 October 2017). "Tanzania: Dar Gets New Lender in Housing Finance Market". Tanzania Daily News via AllAfrica.com. Dar es Salaam. Retrieved 25 October 2017.
External links edit
- Website of Bank M
- Website of Bank of Tanzania
- Members of Tanzania Bankers Association Including Addresses Archived 2017-06-20 at the Wayback Machine
- Bank Profile at The African Union for Housing Finance