The Federal Mortgage Bank of Nigeria (FMBN) has launched its Diaspora National Housing Fund Mortgage Loan in London, creating a new pathway for Nigerians living abroad to contribute to the National Housing Fund (NHF) and access mortgage financing to own homes in Nigeria.
The initiative, launched in partnership with BudPay as the exclusive payment partner, is aimed at making housing finance more accessible to eligible Nigerians in the diaspora and addressing challenges that have discouraged overseas Nigerians from investing in property in Nigeria.
Under the scheme, eligible Nigerians living abroad can access mortgage financing of up to ₦100 million at an interest rate of nine per cent, with repayment terms of up to 10 years.
The application process is designed to be completed online, including NHF registration, Know Your Customer (KYC) verification and mortgage application, meaning applicants do not need to travel to Nigeria to begin the process.
FMBN targets diaspora home ownership
The scheme is also expected to strengthen confidence in diaspora property investment by providing a structured financing framework through a government-backed institution.
Speaking at the launch, the Minister of Housing and Urban Development, Muttaqha Darma, represented by the Minister of State for Housing and Urban Development, Yusuf Ata, described the initiative as a significant step towards strengthening Nigeria’s relationship with its citizens abroad.
Ata said many Nigerians living outside the country had long wanted to own homes in Nigeria but were discouraged by fraudulent property transactions, abandoned projects, unreliable intermediaries and inadequate financing arrangements.
He said the Diaspora Mortgage Loan was designed to restore confidence through credible institutions, transparent processes and secure financing.
BudPay to facilitate NHF contributions
BudPay, the exclusive payment partner for the initiative, will provide the digital payment infrastructure for NHF contributions from Nigerians living abroad.
The platform is expected to allow diaspora contributors to make NHF payments digitally from wherever they live, providing a more convenient channel for recurring contributions under the programme.
The Chief Executive Officer of BudPay, Dr Collins Igwe, attended the official launch in London and said the partnership demonstrated how payment infrastructure could be used to address practical challenges facing Nigerians living and working across borders.
Igwe said the partnership would make it easier for Nigerians abroad to maintain their NHF contributions without the delays and uncertainty associated with sending money home for property-related purposes.
Scheme seeks to boost diaspora property investment
The London launch brought together stakeholders from the housing finance, government and private sectors around the goal of expanding access to housing finance for Nigerians living outside the country.
Through the Diaspora National Housing Fund Mortgage Loan and its digital payment infrastructure, FMBN and BudPay are seeking to provide Nigerians abroad with a more structured and transparent route to home ownership in Nigeria.
