Kenya Mortgage Refinance Company (KMRC) has appointed Patrick Macharia as a non-executive director, effective October 1, 2026. Macharia currently serves as Chief Economist in the Resource Mobilization Department at the National Treasury, and will sit on the board as the Treasury’s representative. The appointment is subject to regulatory approval, and KMRC’s board announced it under capital markets rules.
The Board of Directors of Kenya Mortgage Refinance Company Plc announced the appointment of Patrick Macharia as a non-executive director, effective October 1, 2026. The announcement was made under Regulation 10.1 of the Thirteenth Schedule to the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023. The appointment is subject to regulatory approval.
Macharia currently serves as Chief Economist in the Resource Mobilization Department at the National Treasury. In that role he is responsible for planning, resource mobilisation, budgeting, and tracking the implementation and reporting of foreign-financed projects. Those responsibilities give him direct experience of how public and external funds are raised and spent.
He holds a Bachelor of Arts degree in Economics from Kenyatta University. He has also completed specialised professional training in financial management, investment analysis, corporate governance, strategic leadership and risk management. Those areas are central to the oversight role of a non-executive director.
The appointment gives the National Treasury a seat on KMRC’s board as its representative. Non-executive directors do not manage the company day to day. Their role is to challenge management, oversee risk and ensure that the company is run in the interests of its shareholders.
KMRC is regulated by the Central Bank of Kenya, which means its governance and financial soundness are overseen by the regulator alongside the capital markets rules. Its board appointments therefore fall under both regulatory frameworks. The announcement notes that Macharia’s appointment remains subject to approval under those rules.
KMRC’s core business is to provide long-term funding to mortgage lenders, which helps banks and other lenders offer longer-dated home loans. Access to that funding is a central part of the government’s housing agenda. A board that combines financial and public-finance experience may be useful as the company expands that role.
Watch for confirmation of the regulatory approval, which will complete the appointment. The company’s next annual report and any changes to its board composition will show how the new representative’s role develops.
