The MD/CEO of Federal Mortgage Bank of Nigeria (FMBN), Arch. Ahmed Dangiwa, has expressed the willingness of the bank to deepen its relationship with Shelter Afrique, as well as other housing-related institutions to improve cost reduction in housing delivery. Arc. Dangiwa stated this while receiving the MD/CEO of Shelter Afrique, Andrew Chimphondah, and his team at the FMBN headquarters in Abuja on Thursday.
Dangiwa said, “The bank has continued to provide affordable mortgages to Nigerian workers/contributors and construction finance for housing development. Our National Housing Fund’s (NHF) individual mortgage loan, granted at six per cent, is the most affordable in the country.
“I would crave your indulgence for us to jointly revisit the MoU signed in January, 2017, by which Shelter Afrique was to invest $2bn over the next decade at $200m annually as credit for construction finance to Nigerian real estate developers. FMBN’s role was to provide mortgage loans under its NHF.”
The MD/CEO of Shelter Afrique, Andrew Chimphondah, said he was excited to hear that FMBN was the only institution focused on reducing interest of mortgage to single digit. Chimphondah said, “When you say six per cent digit, its resonates with us at Shelter Afrique, and it means we share same mandate, vision and conviction to play leading role that Africans have access to decent and affordable housing.”