ABUJA- The Federal Mortgage Bank of Nigeria (FMBN) has said its new mortgage policy is targeted at the non-salaried informal sector.
Mr. Abdullahi Ahmed, Acting Managing Director of the Bank told newsmen in Abuja that the sector had been neglected because it lacked access to formal title on housing property.
“ FMBN intends to pay real attention to housing cooperatives as the major strategy to bridge the credit gap faced by this disadvantaged group,” he said.
“This particularly applies to professional groups such as teachers, nurses, religious groups.” he said.
He said the bank would initiate dialogue with the National University Commission and labour representatives to finance a mortgage scheme for academic and non-academic staff of private universities.
According to him, these class of workers constitute a greater percentage of the labour force at the state and local government levels.
“The bank would encourage formation of housing cooperatives and enable them to access mortgage facilities,’’ he said.
“The micro finance structure recently adopted by CBN for the middle and low income class, provide opportunities to tap into the stream of un-banked income cash flow.
“The resultant socio-economic goal is that these people should be able to own houses built with the micro finance fund,” Ahmed said.
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