Consumers To Access N100m Mortgage Loans In FCMB

First Metropolis Monument Financial institution (FCMB) has partnered the Ministry of Finance Actual Property Funding Fund (MREIF) on a N10 billion mortgage financing scheme that offers Nigerians entry to house loans of as much as N100 million, with as much as 20 years to repay at a single-digit rate of interest.

This initiative is supposed to make the dream of homeownership a actuality for extra Nigerians, a transfer that’s a part of a broader effort to make housing extra reasonably priced and accessible.

MREIF, a N250 billion fund arrange by the Federal Authorities in 2025, is managed by ARM Funding Managers. The fund brings private and non-private sector gamers collectively to deal with Nigeria’s housing hole, enhance residing requirements, and enhance jobs and financial exercise in actual property and building.

Talking on the signing ceremony in Lagos, Divisional head of Private Banking at FCMB, Adetunji Lamidi stated: “Homeownership offers dignity and stability. It is without doubt one of the clearest methods a rustic exhibits it’s making room for its folks to thrive.

That’s what this partnership between FCMB and MREIF represents. Finance ought to meet folks the place they’re and be a stepping stone, not a hurdle. This mortgage resolution displays that perception.

“It’s a sensible method of serving to folks obtain their desires whereas staying true to our goal of fostering inclusive, sustainable improvement and our mission to construct a system that connects folks, capital, and markets throughout all sectors of the Nigerian financial system.”

Lamidi counseled the federal authorities’s foresight in establishing MREIF and acknowledged ARM Funding Managers’ help in deploying the fund. He reaffirmed First Metropolis Monument Financial institution’s dedication to delivering versatile, responsive, and human-centred monetary options.

Government director at ARM Funding Managers,  Mounir Bouba, added that:

“We at ARM are delighted to enter this partnership with FCMB to advance the aims of MREIF. We recognise FCMB’s strengths and skill to help each the demand and provide sides of the housing sector in Nigeria, making them a super accomplice for the MREIF scheme. We stay up for a fruitful collaboration.”

In keeping with the Nationwide Bureau of Statistics, Nigeria has a housing deficit of round 28 million items whereas, specialists say, the nation wants 700,000 new properties annually and over N21 trillion in funding to shut the hole.

The Ministry of Finance Actual Property Funding Fund (MREIF) was launched in 2024 to bridge this hole by offering long-term, reasonably priced financing for aspiring householders nationwide.