The Nigeria Mortgage Refinance Company Plc (NMRC) has secured $228 million in funding to address the country’s housing deficit and promote economic growth and development.
The funding, facilitated through a partnership with United States-based MiDA Advisors and Johannesburg-headquartered Standard Bank Group, will provide liquidity to primary lending institutions, enabling them to refinance or pre-finance eligible mortgage loans.
The Managing Director and Chief Executive Officer of NMRC, Kehinde Ogundimu, stated that the funding will support efforts to provide affordable long-term housing finance to vulnerable population segments, including low-income earners, women, and the informal sector.
The financing will be directed towards these groups, with approximately 20 percent of the loan going to informal and low-income borrowers and an estimated 40 percent being allocated to women.
The Chief Executive Officer of MiDA Advisors, Aymeric Saha, expressed satisfaction with the partnership, stating that it will impact over 6,000 households in Nigeria.
The Chief Executive of Corporate and Investment Banking at Standard Bank Group, Luvuyo Masinda, highlighted the importance of the transaction in driving Africa’s socio-economic development.
The Chief Executive of Stanbic IBTC Capital, Oladele Sotubo, added that the financing will enhance accessibility and affordability of mortgages in Nigeria. Sources and related content
