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Demonstrating the Untapped Market Opportunity for Affordable End-User Housing Finance in Kenya and Nigeria


Today more than half of the world’s population live in urban areas. Yet to date, there has been little investment in urban housing for people on low incomes in Africa and Asia despite proven need and demand.

A major barrier preventing social entrepreneurs and impact investors from capitalising on this market is a lack of accessible long-term finance that people on low incomes can borrow, to acquire decent housing at an affordable cost. Lenders in these geographies tend to perceive the low-income bracket as high risk and unviable, and restrict access to formal housing finance. Local and global investors will only invest in delivering housing at scale when end-user financing solutions are in place, de-risking returns and exit.

Scope of work

Reall is a UK-based social enterprise with over 30 years’ experience in urban development and affordable housing. Reall develops, refines and shares innovative housing models that unlock the conditions for hard-working families to secure their own home.

Funding from the IMPACT Programme will be used to demonstrate the viability of extending mortgage finance and persuade formal lenders to move ‘downmarket’ in order to unlock affordable housing finance for unbanked, informally employed and self-employed individuals and households.

This project will also undertake research and convene new networks of stakeholders in Kenya, establishing dedicated in-country task forces to advocate on housing finance issues, and sharing learnings from and between target geographies, to drive new recognition of the importance of unlocking long-term finance for this target customer.