Gateway Mortgage Bank Secures N2.2bn for Housing Initiative

Gateway Mortgage Bank has successfully acquired N2.2 billion from the Ministry of Finance, aimed at boosting housing affordability in Nigeria. Mr. Ronk Akinley, the Managing Director of Gateway Mortgage Bank, confirmed that the bank has moved beyond the approval stage and is actively injecting capital into the housing market.

The funds will be disbursed to qualified beneficiaries seeking financing for home construction through mortgage arrangements. This initiative targets individuals, including those in the Nigerian diaspora, and is part of efforts to address Nigeria's estimated housing deficit of 15 million units by early 2026.

The financing scheme offers loans of up to N100 million at a fixed interest rate of 9.75% per annum, with a repayment structure designed to be borrower-friendly over a tenure of 20 years, depending on the applicant's income profile. The bank aims to streamline the application process to encourage rapid uptake, requiring a minimum of 10% equity contribution from prospective homeowners.