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Mortgage

Tokunbo Lists Benefits of New Mortgage Registry System

 

The Director, Other Financial Institutions Supervision Department, Central Bank of Nigeria, Mrs Tokunbo Martins has said the mortgage registry system would boost the level of internally generated revenues of states across Nigeria and make Asset Mortgage more transparent.

Mrs Tokunbo stated this in an interview with Abuja Housing show newsmen at the FSS2020 Mortgage Sector Forum 2019 held in Abuja on Wednesday.

Discussions at the forum centered on “using electronic mortgage asset registry system to develop the mortgage sector in Nigeria.”

While stating the challenges militating against the Mortgage sector in Nigeria, the Director explained that the proposed mortgage asset registry system would deepen the level of transparency in the management of mortgage assets across the country.

She identified low access to long term financing as one of the major challenges facing the sector, noting that the forum critically deliberated on the challenge and devised several measures for tackling it.

One of such measures, she said, was the development of a new Application and a USSD code that would make the National Housing Fund (NHF) more accessible and Transparent.

Mrs Tokunbo added that a Mortgage Interest draw back fund would be available to borrowers and developers who meet the prescribed conditions.

She expressed optimism towards the outcome of the forum and enjoined all sectors to boost their work load so that more progress could be attain.

Also present, the Director, Financial System Strategy (FSS2020), M.D Suleyman said more collaborations with stakeholders would ensure the actualization of the sector’s set objectives.

He added that mortgage cost was a challenge that has to be addressed.

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By Kesiena Omamogho

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