The Federal Mortgage Bank of Nigeria (FMBN) has introduced a Diaspora National Housing Fund (NHF) Mortgage Loan that will enable Nigerians living abroad to access up to N100 million in mortgage financing at a 9 per cent interest rate.

The initiative was unveiled in London in partnership with BudPay, its exclusive payment partner, with the aim of making it easier for Nigerians in the diaspora to participate in the NHF and secure housing finance without travelling to Nigeria to commence the process.

Eligible Nigerians residing abroad can obtain mortgage financing of up to N100 million under the scheme, with repayment periods extending to 10 years.

The application process is structured to take place online, including NHF registration, Know Your Customer (KYC) verification and submission of mortgage applications.

FMBN’s initiative is also targeted at some of the obstacles that have made Nigerians abroad hesitant to invest in property in Nigeria. These challenges include fraudulent transactions, abandoned housing projects, unreliable intermediaries and inadequate access to structured financing.

As part of the partnership, BudPay will provide the payment collection infrastructure required for NHF contributions from Nigerians living outside the country.

Through the platform, diaspora contributors are expected to make NHF payments digitally from their respective countries of residence, enabling them to maintain regular contributions to the programme.

Speaking at the launch, BudPay CEO, Dr Collins Igwe, said the partnership would apply the company’s cross-border payment infrastructure to a practical challenge facing Nigerians abroad who want to own property in Nigeria.

Representing the Minister of Housing and Urban Development, Muttaqha Darma, the Minister of State for Housing and Urban Development, Yusuf Ata, described the initiative as an opportunity to strengthen diaspora participation in Nigeria’s housing sector.

He said the government-backed scheme would provide a more transparent and structured route to home ownership while helping restore confidence among Nigerians abroad who have previously faced difficulties with property investments.

For Nigerians living outside the country, the mortgage programme provides a formal financing avenue for property ownership. It could also increase the movement of diaspora funds into Nigeria’s housing and construction sectors.

Source: msmeafricaonline