Mortgage banks propose one-year job insurance scheme

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

Fresh efforts are underway to seek pragmatic and contemporary solutions to the challenges in the mortgage sub-sector, following plans by the operators to extend loss of job insurance scheme, which will cover mortgage default up to a year.

The scheme is already in place and covers up to six months. Mortgage insurance, which is widely used in other countries and is compulsory in Nigeria, allows mortgage providers to protect themselves for potential losses suffered as a result of a borrower defaulting by insuring part of the loan.

Mortgage Banking Association of Nigeria (MBAN), president, Dr. Femi Johnson who spoke at the the bi-ennial general meeting/elections, said the housing finance sector represents a growth reserve for the Nigerian economy as it has immense potentials to boost economic growth.

According to him, “the opportunity for growth lies in the challenges inherent in the sector; burgeoning housing deficit could translate to productivity and profitability, rapid urbanization creates a continuous demand for housing and by extension Finance, high population of the young and middle aged guarantees the proliferation of new households whose demand for housing ensures the sustainability of the sub-sector.”

- Advertisement -

He said that the the housing finance sub-Sector is capable of growing the Nigerian GDP by 70-80per cent of its present size. “Investment in housing construction would accelerate growth in other sectors of the value chain. Thus, increasing the stock of affordable housing would accelerate the growth of the middle class, deepen the Nigerian market and increase aggregate demand,” Johnson said.

Read Also:  BHM Group Collaborate with NIPR for 2019 PR Week to be held in lagos

MBAN out going president, charged the association to engage with the regulatory agencies, and other concerned parastatals on the provision of intervention funding for the Sub-Sector like has been done for other sectors.

“We need to put in place robust operational guidelines to enhance profitability of mortgage banks, especially with respect to loan margins, diaspora lending, foreign exchange denominated and matched lending, and  loan loss provisioning.

“The association need to develop and implement a Mortgage Banking Tariff that is different from the regular banking tariff, and mortgage banks need to be allowed to develop housing microfinance products and mortgage-related consumer and commercial loans.”

- Advertisement -

Meanwhile, the association has elected members of the National Executive Council for a period of two years. The managing director, TrustBond Mortgage Bank Plc, Mr. Adeniyi Akinlusi was elected  president, while  Mr. Akintayo Oloko of Safetrust Mortgage Bank Limited, vice president.

Other elected officials include, Mrs. Ruby Okoro, Delta Trust Mortgage Finance Limited, Deputy President (East); Mr. Babangida Umar, Jigawa Savings & Loans Limited Deputy President (North); Mr. Richard Olubameru, Haggai Mortgage Bank Limited, Deputy President (West).

Read Also:  Allianz partners with Cycology club to donate materials and cash to Lagos highway cleaners

Others are Mr. Remi Olatunbode, Jubilee-Life Mortgage Bank Limited, treasurer; Mr. Olabanjo Obaleye, Infinity Trust Mortgage Bank Plc,Publicity Secretary  and Mrs. Olamide Ipadeola, Gateway Savings & Loans Limited, Legal Adviser.


- Advertisement -



- Advertisement -
Mortgage banks propose one-year job insurance scheme - Brand SpurMortgage banks propose one-year job insurance scheme - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Mortgage banks propose one-year job insurance scheme - Brand SpurMortgage banks propose one-year job insurance scheme - Brand Spur

Latest News

5 Ways Your Data Could Be Hurting Customer Retention

According to a now-classic article in the Harvard Business ReviewExternal Website. Opens New Window, depending on the study and...

Okomu Oil Palm Generated N20.50bn Revenue…PAT up by 46.28%

Okomu Oil Palm Company PLC 2020 year-end financials show a significant 24.08% revenue growth when compared to the full year 2019 turnover. This was...

Flour Mills of Nigeria continues its strong performance with Q3 results ahead of the first two quarters and solid growth in all segments

January 26, 2021 - Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and agro-allied group, owners of the iconic food brand -...

Nearly 60% of Global Bank Rating Outlooks Are Still Negative

Fitch Ratings - 26 January 2021: A newly-updated interactive country-by-country map of bank rating trends from Fitch Ratings shows that nearly 60% of bank...

MPC Leaves All Rates Unchanged

At the end of the two-day bi-monthly MPC meeting, all policy levers were maintained following a unanimous vote of all members of the committee. ...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Mortgage banks propose one-year job insurance scheme - Brand SpurMortgage banks propose one-year job insurance scheme - Brand Spur