FMBN Opens N100m Mortgage Window For Nigerians Abroad
The Federal Mortgage Bank of Nigeria has launched a new mortgage window allowing Nigerians living abroad to access up to N100 million in home loans. The initiative aims to provide a secure, institutionalized channel for diaspora investment in the domestic housing sector.
Why it matters
This move seeks to bridge the gap between diaspora capital and Nigeria's housing market while addressing long-standing issues of fraud and unreliable intermediaries.
The Federal Mortgage Bank of Nigeria (FMBN) has opened a new mortgage financing window that allows Nigerians living abroad to access up to N 100 million in home loans at nine per cent interest , in a major move to attract diaspora capital into Nigeria’s housing sector.
The new National Housing Fund (NHF) Diaspora Mortgage Loan , officially launched in London on Friday, is designed to enable eligible Nigerians in the diaspora to register under the NHF scheme, complete their Know-Your-Customer (KYC) requirements digitally, make contributions remotely and secure mortgage financing without travelling to Nigeria.
The initiative, according to the FMBN, is aimed at tackling one of the biggest obstacles confronting Nigerians abroad who seek to own property at home—lack of a secure, credible and institutionalised mortgage channel.
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