The MCV × Empowa pilot · Mozambique
Behind every number, a family gaining security, dignity, and opportunity.
In September 2022, Mercy Corps Ventures and Empowa launched a pilot in Beira, Mozambique: affordable, climate-resilient rent-to-own housing for 30 families, funded by NFTs sold to the online community. Every number below was independently evaluated by 60 Decibels.
The scale of the challenge
The capital exists. The rails don’t.
Africa’s urban population is projected to grow by 950 million by 2050. 70% of the buildings it will need aren’t built yet. And the people who need housing most are exactly the people the existing financial system won’t lend to.
- 0%
- of African workers are employed in the informal sector — traditionally perceived as too risky for mortgage finance.
- 0M
- housing unit shortage across the continent, and growing.
- 0%
- Africa's mortgage penetration as a share of GDP — versus 50% in Europe.
- 0%
- Mozambique's mortgage penetration — about 600 mortgages in a country of 24.6 million people.
The pilot at a glance
17 months. 30 families. $300,000 mobilised from the online community.
Empowa raised $300,000 in crowdfunding from 500+ retail investors and lent the proceeds to Casa Real, the primary property developer, to fund 30 cyclone-resistant homes in Beira at around $10,000 per unit.
- 0
- families housed
- $0
- mobilised via NFT sale
- 0+
- retail investors participated
- 0mo
- pilot evaluation window
Key findings · independently evaluated
Four outcomes an independent evaluator confirmed.
Creditworthiness — proven
55%
of tenants had paid at least 40% of their home's equity within 17 months. 37% had paid at least 20%. The cohort — excluded from traditional mortgages — is as creditworthy as the market assumed it wasn't.
Safer against climate shocks
88%
of tenants reported their new home is safer than their previous one against climate events — citing the quality of construction and location. Each unit is cyclone-resistant by design.
Homeownership unlocked
64%
of tenants said they would have been unlikely to ever buy a house without Empowa's rent-to-own. 88% had never attempted to obtain a mortgage because of the financial burden it represented.
Cost of finance — cut by more than half
22% → 10%
Effective interest rate dropped from over 22% to about 10% — a reduction of more than 50%, and the first time many of these families could access housing finance at all.
Voices from the cohort
What it sounded like when the numbers were real.
Six verbatim quotes from tenants interviewed for the 60-Decibels report, with the report’s own attributions. Names are not published to respect participant privacy.
“I would recommend [Empowa's] rent-to-own program because of its affordability and flexible payment options. The staggered payment structure makes it accessible for individuals with varying financial capabilities.”
Female Tenant · Age 44
“Whether facing the elements, seeking refuge from challenges, or simply creating a comforting haven, the provision of shelter plays a crucial role in fostering a sense of security and well-being.”
Male Tenant · Age 25
“Owning our own accommodation provides a sense of security and stability, especially considering the uncertainties of the future. The difficulty in acquiring housing today emphasizes the importance of taking action now to ensure a more secure living situation for ourselves and future generations.”
Female Tenant · Age 32
“The profound change in my housing situation reflects a transformative shift in my aspirations for the future. The introduction of the rent-to-own program has been a catalyst for positive change.”
Male Tenant · Age 29
“The aspiration to own a home represents a cherished dream, symbolizing not just a tangible asset but a significant enhancement in overall quality of life for my family.”
Male Tenant · Age 39
“The Casa Real houses' construction structure is sound. This makes us feel safer especially in the face of challenges posed by Cyclone Idai. The impact of the cyclone has heightened the recognition of the importance of secure and resilient housing.”
Female Tenant · Age 46
Source: MCV × Empowa Pilot Endline · The Impact of Climate-Resilient Housing and How Web3 Technology can Scale its Development. Written by Njeri Muhia (Pilot Manager) and Timothy Asiimwe (Innovation Project Manager), Mercy Corps Ventures.
Watch the stories
Five families who moved in. One event that marked the moment.
Filmed on location with families in the Mozambique cohort, plus the first Impact Insights Event marking the World Mobile Seed NFT’s outcomes. Click any card to play — videos load only when you’re ready to watch.
Meet Elena, Francisco & family
Homeowner story · Mozambique
Meet Elizabeta, Malvin & family
Homeowner story · Mozambique
Meet Morlyn & family
Homeowner story · Mozambique
Meet Eliza
Homeowner story · Mozambique
Meet Carolina
Homeowner story · Mozambique
1st Impact Insights event
Programme update
What comes next
From 30 homes to 100. From one cohort to three countries.
Mozambique · Beira (scale-up)
Collateral NFT campaign launched May 2024 to fund collateral for 35 additional homes with Casa Real.
Kenya · BrownCap partnership
Two homes nearing completion at launch, with plans to scale to 100 homes in partnership with EY.
Institutional capital · Empowa Trade
A platform currently in development to allow accredited investors to participate alongside (and eventually beyond) retail NFT sales.
Cyclone-resistant by design
Every unit built under the pilot, delivered by Casa Real, uses cyclone-resistant construction — climate-proofing against the region’s most common weather disasters. Cyclones Idai and Kenneth (2019) destroyed 36,747 homes and displaced 130,000 people in Mozambique alone.
5% First-Loss Reserve
A standing reserve absorbs the first 5% of any shortfall before investor capital is touched — baked into every cohort’s SPV.
Independent reporting
Mercy Corps Ventures commissioned 60 Decibels to conduct the pilot endline. The full report is available in our news archive.
Capital that earns, and means something.
If you’re deploying institutional capital in emerging markets, or building housing on the ground — we’d like to talk.