FMBN Launches Diaspora Mortgage Loan for Nigerians Abroad

The Federal Mortgage Bank of Nigeria (FMBN) launched a Diaspora Mortgage Loan in London, United Kingdom, aimed at enabling eligible Nigerians living abroad to access mortgage financing for residential properties in Nigeria. This loan provides financing of up to ₦100 million at an interest rate of 9 percent per annum, with a maximum repayment tenor of 10 years.

The initiative addresses challenges faced by Nigerians in the diaspora, such as distance, documentation, and financing constraints, while also aiming to increase activity in the construction value chain. The launch, which involved collaboration with the Nigerians in Diaspora Commission (NiDCOM) and technical assistance from the Central Bank of Nigeria (CBN), represents a significant step in expanding access to homeownership and formal housing finance.

Shehu Osidi, the Managing Director and Chief Executive Officer of FMBN, emphasized that the launch is part of the Bank's transformation journey to meet the evolving needs of Nigerians and enhance housing finance accessibility.