The immediate past president of Mortgage Banking Association of Nigeria (MBAN), Dr Femi Johnson has stated that there has been a lot of progress in the Nigeria mortgage sub sector.
While speaking to Africa Housing News at the 3-day Mortgage Banking Sub-sector CEOs’ annual retreat in Lagos which held from November 29 – December 01, 2019, Johnson said a lot of successes have been recorded in the recent time, even though not obvious to many.
‘’We are now lending to the formal sector, the informal sector, the self-employed and even Nigerians in diaspora. Now we are doing non interest banking. We all have underwriting standards. In the years to come, there is a lot more coming in stock. CBN has come with interest rebate. We are going to leapfrog the industry from where we are now to much greater heights within the very next few years using technology to drive that process and that penetration,’’ he said.
Speaking on the theme of the retreat which is ‘’Critical Success Factors for Continuity and Viability of the Mortgage Banking Sub-Sector in Nigeria: Mortgage Digitization, Human Capacity Development and Management Succession,’’ he said a lot has happened in recent past in mortgage banking, but the way forward is adding technology to mortgage banking.
‘’We are talking about digitising mortgage banking in Nigeria. So the use of technology, property tech is coming in and we are trying to infuse a lot of banking technologies so that we can deliver better and more efficient services to our customers and clients and so that we can bring mortgage closer to even the people on the streets. So when we say digitisation we are not talking about technology that is esoteric. We are talking of using technology to bring mortgage down to the grassroots and to people that are not even literate in English language so that we can deliver mortgages to them wherever they are and in the language they are most comfortable with,’’ he noted.
The event featured top rated paper presentations on a variety of topics from several leaders in the sector.
