Would you like to receive notifications on latest updates of the following headlines?

NMRC Secures $228m Mortgage Financing for Nigeria’s Vulnerable Earners, Borrowers

POSTED ON September 27, 2024 •   BUSINESS      BY Abiodun Saheed Omodara
Nigeria Mortgage Refinance Company Plc (NMRC)

The Nigeria Mortgage Refinance Company Plc (NMRC) has secured $228 million in affordable mortgage financing for vulnerable earners and borrowers.

This was disclosed in a statement on its X page, on Thursday, September 26, 2024.

The company revealed that the funding resulted from a partnership involving the United States International Development Finance Corporation (DFC) for Affordable Mortgage Financing, NMRC, as part of a $228 million blended financing Transaction arranged by MiDA Advisors and Stanbic IBTC Capital, a member of the Standard Bank Group.

It added that the funding will help address the liquidity gap in Nigeria’s mortgage finance market and co-create a blended finance solution to mobilize long-term financing at scale.

According to the statement, the transaction includes a $200 million loan from the U.S. International Development Finance Corporation (DFC) and $28 million in financing sourced from local financial markets, securing a total of $228 million in long-term blended financing for NMRC.

The company said the aim is to provide the necessary liquidity to support the country’s quest to bridge the housing deficit while promoting more equitable economic growth and development.

“The facility will be disbursed through on-lending to primary lending institutions, including commercial banks and primary mortgage banks, to refinance or pre-finance eligible mortgage loans to qualifying mortgage borrowers across Nigeria.

“Therefore, the financing is expected to provide vulnerable segments of the population with access to credit facilities, including Nigeria’s large informal sector, low-income earners, and women who face significant challenges in their quest for homeownership.

“Specifically, approximately 20% of the loan will be allocated to informal and low-income borrowers, while an estimated 40% of the mortgages to be refinanced or pre-financed will be those underwritten to women as borrowers or co-borrowers,” the statement partially read.

Reacting to the loan approval, the Managing Director and Chief Executive Officer of NMRC, Mr. Kehinde Ogundimu, expressed appreciation to DFC for its positive role within Nigeria’s housing ecosystem.

“This transaction will certainly enhance our efforts to provide affordable long-term housing finance in a way that will impact the overall sector. It shows that DFC, and indeed other local and international financing institutions, have a great deal of trust in our capacity to manage long-term facilities that will make a tangible impact on the lives of Nigerians.

READ ALSO
33 African Startups Cease Operations in 30 Months Amid Shift to Sustainability
BY Abiodun Saheed Omodara July 30, 2025 0

In the last 30 months, from January 2023 to mid-2025, approximately 33 startups in Africa ceased ope...

READ ALSO
Nigerian Financial Institutions Urged to Adopt Real-Time Tools to Combat Rising Fraud
BY Abiodun Saheed Omodara July 30, 2025 0

Financial institutions in Nigeria and throughout Africa have been encouraged to implement real-time...

READ ALSO
NDLEA Conducts Public Auction of Properties Linked to Drug Trafficking
BY Abiodun Saheed Omodara July 30, 2025 0

The National Drug Law Enforcement Agency (NDLEA) held a public auction yesterday for houses that wer...

READ ALSO
FG Plans Re-Privatization of Power Discos Amidst Legislative Changes
BY Abiodun Saheed Omodara July 29, 2025 0

The Federal Government may proceed with the sale of 11 power distribution companies through a re-pri...

READ ALSO
Lagos, Ogun Set for 25-Day Power Outage: Maintenance Work Begins July 28
BY Abiodun Saheed Omodara July 28, 2025 0

Lagos State and some areas of Ogun will undergo a power outage lasting 25 days, beginning on July 28...

READ ALSO
FG Mandates GPS Coordinates for Capital Projects Over N150 Million in 2025
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has required that all Ministries, Departments, and Agencies provide the Globa...

READ ALSO
FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...

READ ALSO
Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 24, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...

OUR CHANNELS:

IGP Egbetokun Addresses Plight of Retired Police Officers
BY Abiodun Saheed Omodara July 30, 2025 0

The Inspector-General of Police, Kayode Egbetokun, stated on Tuesday that many retired police office...


Shettima Highlights Food Sovereignty in Tinubu's Emergency Declaration
BY Abiodun Saheed Omodara July 30, 2025 0

Vice President Kashim Shettima provided insights into the motivations behind President Bola Tinubu&r...


CAC Demands Annual Returns to Avoid Deregistration
BY Abiodun Saheed Omodara July 30, 2025 0

The Corporate Affairs Commission (CAC) has initiated a new round of removing companies that have not...


Oyo State Government Seizes Goods from Unregistered Veterinary Practices
BY Abiodun Saheed Omodara July 30, 2025 0

The Oyo State Government on Tuesday shut down 15 veterinary outlets and seized goods valued in milli...


Nigerians Must Go: Ghanaians Rally Against Alleged Mass Prostitution and Ritual Killings
BY Abiodun Saheed Omodara July 30, 2025 0

Some Ghanaians have expressed their discontent with Nigerians, accusing them of engaging in mass pro...


SGF Urged Northern Politicians to Postpone Presidential Aspirations Until 2031
BY Abiodun Saheed Omodara July 30, 2025 0

The Secretary to the Government of the Federation, Sen. George Akume, has urged politicians from the...


Ola Aina Reflects on Frustrating Tottenham Experience that Changed His Career Path
BY Abiodun Saheed Omodara July 29, 2025 0

A defender for the Super Eagles, Ola Aina, has shared that he nearly signed with Tottenham Hotspur w...


CAF Announces Record $10.4 Million Prize Pool for 2024 African Nations Championship
BY Abiodun Saheed Omodara July 30, 2025 0

The Confederation of African Football has revealed an unprecedented total prize pool of $10.4 millio...


Victor Osimhen Set to Join Galatasaray: €75 Million Transfer from Napoli Finalized
BY Abiodun Saheed Omodara July 30, 2025 0

Victor Osimhen is expected to arrive in Istanbul this week as Galatasaray prepares to introduce the...


Fayose Endorses Tinubu, Oyebanji for 2027 Elections
BY Abiodun Saheed Omodara July 29, 2025 0

Former Ekiti State Governor, Ayodele Fayose, has officially endorsed President Bola Tinubu and Gover...


More Articles

Load more...

Menu