Sterling Bank and MREIF Launch Affordable Mortgage Loans

Sterling Bank has partnered with the MREIF to introduce a mortgage loan program aimed at enhancing access to affordable housing for Nigerians. The partnership was formalized with the signing of a memorandum of understanding at Sterling Bank's headquarters in Lagos.

David Adebayo, Vice President of Consumer Banking at Sterling Bank, and Mounir Bouba, Executive Director of ARM Investment Management, signed the agreement. Eligible Nigerians can access mortgage loans of up to N100 million at a fixed interest rate of 9.75% per annum, with a repayment period of 20 years.

Applicants are required to provide a minimum equity contribution of 10% of the property value. The program is open to salaried earners and verified business owners.

The initiative reflects Sterling Bank's commitment to financial inclusion and aims to address barriers to homeownership in Nigeria. MREIF has committed N10 billion to support the program, anticipating increased demand for housing loans.