Mortgage lender extends search for new executives

Mortgage lender extends search for new executives [Courtesy]

Shelter Afrique has extended time to recruit a new Chief Operating Officer, Head of New Business Services, Head of Enterprise Risk and Manager Policy Partnership.

The Pan African lender has also extended time to get technical support on its Oracle Business Suite as the mortgage lender seeks to restructure.

Recently Shelter Afrique appointed Managing Director, Andrew Chimphondah in a new look outfit that also saw the Kenyan Housing Principal Secretary Charles Hinga join the lenders Board.

“Shelter Afrique is looking for new and dynamic individuals to join our team,” the lender said.

The lender has been trying to clean its house after the former head of finance turned whistleblower Godfrey Waweru claimed that former managing director James Mugerwa was involved in banking malpractices and abuse of office.

The lender now says it has been given Investment grade ratings on short term credit of A3 and BB+ on long term credit, by Bloomfield the Ivory Coast based credit ratings agency.

“The ratings observed that Shelter Afrique suspended its activities in 2017, allowing the development of a new strategy, internal reorganization and staffing,” The mortgage lender said.

The lender earlier announced that the implementation of a new strategy has necessitated realignment of the organisation structure and resourcing and as a result, 13 staff are expected to leave.

The pan-African mortgage lender also announced it would no longer fund new projects directly as it changes its strategy and trims its workforce.

“It should be noted that in the newly approved strategy, the company will exit direct real estate project financing,” said the firm.

However, it said 31 ongoing projects would not be affected.

Entry of Dr Hinga on the lenders board offers it tap into the government’s bid to build half a million affordable housing as well as set up a new mortgage financing unit through the Kenya Mortgage Refinance Company.

The company will offer cheap loans to banks to target civil servants, self-employed persons or salaried employees with loans of up to 30 years to reduce the pressure of repayment.