PUNCH
The Federal Mortgage Bank of Nigeria has introduced a range of innovative mortgage products tailored to the needs of diverse population groups, including the informal sector and Nigerians living abroad.
The new products include a Rent Assistance Loan and a Home Improvement Loan, designed for self-employed individuals and daily earners who typically lack traditional documentation.
The bank, according to a document obtained by our correspondent in Abuja, is also introducing a Non-Interest NHF Mortgage Loan, providing an option for Nigerians who prefer alternative financial models. According to FMBN, these initiatives reflect its responsiveness to evolving customer needs.
A landmark development on the horizon is the soon-to-be-launched Diaspora Mortgage Product, developed in collaboration with the Nigerians in Diaspora Commission. This product will allow Nigerians abroad to contribute to the NHF Scheme and access mortgage financing for homes in Nigeria.
FMBN’s aggressive drive for impact is already yielding tangible results. Between May 2023 and early 2025, the bank disbursed over N11.75bn in NHF mortgage loans to 1,285 beneficiaries. The bank has also scaled up its Rent-to-Own programme, disbursing N15.06bn to 1,140 Nigerians.