Dear Empowa Community,
We’re thrilled to share the latest developments and achievements within the Empowa project as we continue our journey towards revolutionizing affordable housing across the African continent. The first quarter of 2024 has been marked by significant milestones and partnerships that propel us closer to our mission of enabling home ownership for all.
Empowa Pay Expansion
We’re excited to announce that Empowa Pay, our innovative tool for tracking affordable housing projects, has seen substantial growth. Currently, we have 17 developers actively utilizing Empowa Pay to monitor their projects, fostering transparency and efficiency in the housing development process.
Property Tracking Progress:
The data on Empowa Pay continues to expand, with 320 properties now being tracked, representing a remarkable total value of $8,538,000 USD. Notably, we’ve observed an impressive 9% increase in tracked properties over the past three months. The breakdown of these properties by region is as follows:
- South Africa: 74.87%
- Mozambique: 12.88%
- Nigeria: 8.02%
- Other: 4.23%
Partnerships Driving Change
Empowa has solidified strategic partnerships to amplify our impact. We’re proud to announce a Memorandum of Understanding (MOU) with Reall. Reall stands as a cornerstone in the affordable housing sector, serving as both an investor and innovator in Africa and Asia. They are dedicated to developing, refining, and sharing innovative housing models that unlock political will, capital investment, and end-user finance needed to create conditions for low-income households to secure homes. With a track record spanning decades, Reall has provided new or upgraded housing to over 400,000 people since 1989, catalyzing economic development and improving the lives of millions.
This collaboration with Reall will focus on enabling home ownership through rent-to-own schemes across multiple African markets, aligning perfectly with Empowa’s mission to make home ownership accessible to all.
Insights from 60DB Report
We recently received the final report from 60DB, renowned industry leaders in measuring social impact. Commissioned as part of our partnership with Mercy Corp Ventures, this report provides valuable insights into the transformative impact of Empowa. Key findings include:
- Empowa facilitates access to homeownership for clients who would otherwise struggle.
- Housing developers identify Empowa as a solution to address financing challenges.
- Empower’s rent-to-own program significantly improves living conditions and quality of life for clients.
- Financiers recognize Empowa’s potential to fill gaps in the affordable housing ecosystem.
This report will further strengthen our proposal with several key investors.
Strategic Collaboration with EY Parthenon (East Africa)
Empowa has entered into a strategic partnership with EY Parthenon (East Africa) to bolster our affordable housing instalment sales program. EY will provide expertise in legal, financial, and market considerations, while Empowa will contribute technological infrastructure and support to enable affordable housing solutions.
As we reflect on these achievements, we remain committed to driving positive change in the affordable housing landscape. Empowa extends its heartfelt gratitude to our community for their unwavering support and dedication to our shared vision. Together, we’re building a brighter future where everyone has a place to call home.
