BY CECILIA OGEZI
At the African International Housing Show (AIHS), panelists proposed innovative mortgage solutions through the Mortgage Bank of Nigeria’s (MBAN) Help-To-Own affordable home ownership program. Organized in collaboration with the Federal Ministry of Housing, the event aimed to address the housing deficit.
During plenary sessions themed “The Housing with Need: Financing Through Innovative Mortgage Solutions,” discussants highlighted the necessity of accessible mortgage products.
Monsurat Muhammed, Fund Manager of Help-To-Own, revealed that the Family Home Fund Limited (FHFL) has financed over 15,000 houses and created 84,000 jobs across 15 states. She outlined FHFL’s various products, including the Affordable Housing Fund, Rental-Housing Fund, and Land Infrastructure Fund, designed to ensure affordable housing.
President of MBAN, Mac-Yoroki Elibate, stressed the importance of adequate public enlightenment and a comprehensive sector overview to showcase mortgage packages, reducing reliance on commercial banks. He mentioned ongoing collaborations with AI to streamline customer profiling.
Key officer of the Family Home Fund, Nkiru Aru, emphasized understanding financiers of mortgage products, as they determine eligibility and ensure housing units match individual earnings. She advocated for government interventions to provide affordable housing.
Former Executive Secretary of MBAN, Kayode Omotosho, noted significant improvements in mortgage terms over the past two decades. Loans now span 20-35 years with favorable rates, compared to 60% for five-year tenures previously. AIHS initiatives have significantly enhanced affordability.
Estate Developer, Sadiya Aliyu, highlighted that land access drives affordability. As inflation worsens loan terms, obtaining larger spaces for more housing units becomes crucial. She stressed the need for Nigeria-specific solutions to facilitate profiling.
Central Bank OFIS representative, Jackson Imadi, called for a better regulatory system to foster housing. He emphasized the role of the Federal Mortgage Bank of Nigeria in setting affordability guidelines and improving accessibility. The Central Bank of Nigeria will support any ideas that adhere to regulatory standards and ensure the financing system’s safety.
