TANZANIA MORTGAGE REFINANCE COMPANY

About Tanzania Mortgage Refinance Company (TMRC)
Tanzania Mortgage Refinance Company (TMRC) is a Mortgage Liquidity Facility operating in Tanzania. As a specialised financial Institution that provides long-term funding to financial institutions for the purposes of mortgage lending, the TMRC is a private sector institution owned by Banks and Non-Bank Institutions.

Ownership

Tanzania Mortgage Refinance Company (TMRC) is a financial institution owned by Banks and Non-Bank Institutions with the sole purpose of supporting banks to do mortgage lending by refinancing banks’ mortgage portfolios.
Currently, TMRC has eighteen shareholders namely CRDB (12.8%), NMB (7.7%), EXIM Bank (5.1%), Azania Bank (10.7%), TIB Development Bank (6.4%), BancABC (4.3%), DCB Commercial Bank (4.7%), NBC (5.3%), BOA (4.3%), I&M Bank (2.7%), PBZ (2.7%), NCBA Bank (2.17%), NHC (5.1%), Shelter Afrique (10.0%), Mkombozi Commercial Bank (1.3%), First Housing Finance Co. (4.3%) and International Finance Corporation ( IFC ) 9.1%, Mwanga Hakika Bank (MHB) (1.3%. Each of the above institutions has subscribed to the issued share capital of the company with the minimum of TZS 500 million. Total subscribed and paid-up capital is TZS 25.87 billion and owners’ equity of TZS 35.95 billion.

Objectives

TMRC has the objective of supporting financial institutions to do mortgage lending by refinancing Primary Mortgage Lenders’ (PMLs’) mortgage portfolios. This type of lending is also known as wholesale or secondary market lending. TMRC neither take deposits nor lend directly to individuals. TMRC refinance mortgage loan portfolios rather than individuals mortgage loans and cater to banks and other PMLs rather than individual borrowers.

As the balance sheet of TMRC grows, shareholders are expected to increase their capital in the company. There are no restrictions on other banks or other eligible institutions to participate in the equity of TMRC. The company is an ‘open club’ with no restrictions on entry for eligible investors.

Vision
To become the preferred secondary market intermediate for mortgage financing in Tanzania.

Mission
To expand home ownership in Tanzania by providing long term financing to primary mortgage lenders.

TMRC Motto
“Home ownership through financial intermediation”