FMBN plans digital national mortgage assets registry 

The Federal Mortgage Bank of Nigeria (FMBN) said it is working towards establishing a digital National Mortgage Assets Registry following a directive of the National Council on Land to collate mortgage asset records across the country.

FMBN Managing Director, Shehu Osidi, stated this when receiving the Secretary General of the International Union for Housing Finance (IUHF) Germany, Mr. Mark Weinrich in Abuja.

Osidi also stated that this signifies their intention and commitment to expand the net of affordable homeownership and continue to reduce the housing deficit, saying, they will be new products to drive the integration of the informal sector into national housing fund.

He argued that Weinrich’s visit and engagement will form part of their strategic plan with critical partners connected to housing, and the products are home improvement loans, rent assistance, non-interest rent-to-own, and  NHF Diaspora Mortgage Loans.

“We recognize that when our system substantially aligns with global standards and practices, it becomes easier to relate internationally and mobilize financial resources that our housing sector badly needs in the form of FDIs,” he said.

While commending the IUHF  for its commitment to fostering international cooperation, he maintained that the association should work towards expanding the exchange of best practices among member institutions.

He stressed that a socio-security programme is designed to pool long-term funds for affordable housing financing and to provide accessible mortgage financing for Nigerians, especially the low and middle-income earners who form the backbone of our economy.

Weinrich said that  Nigeria’s future is divided into two institutions – the Development Bank for Construction Finance, which funds developers, and gives developers equity and long-term loans, and the Housing Savings Bank which collects savings from the Nigerian people and gives cheap loans to them.