CBN Proposes Mortgage Guarantee Companies In Nigeria

In an effort to promote mortgage financing and advance home ownership, the Central Bank of Nigeria (CBN) is proposing the introduction of Mortgage Guarantee Companies (MGCs) in Nigeria.

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MGCs are designed to deepen the mortgage market through increased access to mortgage finance and enhancing credit risk with mortgage lending institutions. This is in furtherance of the CBN’s objective of promoting affordable financing and a safe and sound financial system.

The Exposure Draft on the Regulation for the Operations of Mortgage Guarantee Companies MGCs in Nigeria is hereby issued for comments and observations.

We would be pleased to receive comments on the draft guidelines through the Director, Financial Policy and Regulation Department, Central Bank of Nigeria, Abuja

Source: Nkechi Naeche

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