NCBA Bank’s launch of PropertyDuka has sparked fresh debate about whether digital innovation is truly making home ownership easier for Kenyans or simply creating another way to attract more mortgage customers.
While the bank presents the platform as a one-stop solution for buying, building, financing and insuring property, critics argue that it does little to address the biggest challenge facing most families, which is the high cost of owning a home.
PropertyDuka is designed to simplify the property buying process by bringing together different services under one platform.
Customers can search for houses, access financing, connect with developers and even arrange insurance.
On paper, the idea appears convenient and modern. However, many observers believe convenience alone cannot solve a housing crisis that is largely driven by economic hardship.Kenya’s property market is estimated to be worth more than KSh1 trillion annually.
Despite this, the country has only around 30,000 active mortgages, while the majority of people living in urban areas continue to rent.
These figures suggest that the problem is not the availability of houses or the lack of online platforms. Instead, the biggest obstacle remains affordability.
For many households, buying a home has become increasingly difficult because of the rising cost of living.
Families are struggling with higher taxes, expensive electricity, increasing food prices, transport costs and medical expenses.
At the same time, many businesses have closed, job opportunities have become fewer and some workers have faced salary cuts or layoffs.
In such an environment, committing to a mortgage that could last more than 20 years is a major financial risk.
This is where questions about PropertyDuka begin to emerge. While the platform promises to simplify the journey of purchasing property, it does not reduce borrowing costs or make homes cheaper. It also does not guarantee stable employment or protect borrowers if their financial situation changes after taking a mortgage.
Financial experts have long warned that the real challenge begins after a buyer signs the mortgage agreement. Monthly repayments can become difficult when incomes fall or living expenses continue to rise.
In recent years, many borrowers have been forced to restructure their loans as they struggled to keep up with repayments.
Others have seen their properties advertised for auction after failing to meet their financial obligations.
These experiences have led some Kenyans to question whether new property platforms are addressing the country’s housing needs or mainly expanding opportunities for banks to issue more loans.
While banks often describe mortgages as a path to wealth and financial security, economic uncertainty has shown that long-term borrowing can also expose families to significant financial pressur
The debate goes beyond mortgage repayments. Kenya’s property sector has also faced challenges involving fraudulent land deals, disputed ownership documents, delayed title deeds and stalled housing projects. Some buyers have lost large amounts of money after investing in developments that were never completed.
As a result, there are growing calls for greater transparency regarding the projects listed on PropertyDuka.
Questions have been raised about how developers are vetted, what due diligence is carried out before projects are added to the platform and what protections exist if legal disputes or construction delays arise. Many believe these issues deserve as much attention as the platform’s digital features.
Critics also argue that public confidence would be strengthened if banks provided more information about the performance of their mortgage portfolios.
Data on loan restructurings, mortgage defaults and repossessed properties could offer a clearer picture of the risks that borrowers face than marketing campaigns focused on home ownership dreams.
There is little doubt that technology can improve customer experience by making transactions faster and more organised. However, digital innovation alone cannot overcome deeper economic challenges. Without lower borrowing costs, stable incomes, stronger consumer protection and more affordable housing, many Kenyans will continue to find home ownership out of reach.
As discussions around PropertyDuka continue, the focus is likely to remain on whether such platforms genuinely make housing more accessible or simply create a smoother path for customers to take on long-term debt.
For many families already struggling with rising living costs, affordability remains the issue that no digital platform can solve on its own.
Add Comment