The Federal Mortgage Financial institution of Nigeria has acknowledged that it’s planning to finance the development of scholar hostels and employees quarters for college staff to allow them to learn from its mortgage scheme.
The Managing Director, FMBN, Mr Shehu Osidi, mentioned this on the ongoing 2024 FMBN Administration Retreat on Monday.
The theme of the Retreat is “Enhancing Effectivity and Buyer Service Supply for Developmental Influence’’.
Osidi mentioned that as a part of the financial institution’s strategic engagements, FMBN has concluded preparations to signal a Memorandum of Understanding(MoU) of understanding with Shelter Afrique Improvement Financial institution.
This, he mentioned, was to discover traces of funding for FMBN’s new initiatives like rental housing and the event of scholar hostels.
“The FMBN manages the Nationwide Housing Fund (NHF), which is a pool of funds contributed by Nigerian staff as 2.5 per cent is deducted from their salaries.
“It’s the college students that graduate from the college that finally grow to be staff.
“So, what we are attempting to do is to catch them younger in order that whereas they’re nonetheless on campus, they’ll have a really feel of FMBN.
“We’re taking a look at financing the development of scholar hostels and developing employees quarters for college lecturers and college non-academic workers.’’
Osidi mentioned that FMBN would associate with universities to realize that and in addition present hostel financing for college college students who would finally graduate to grow to be staff and contribute to the Nationwide Housing Fund.
He mentioned that underneath the Renewable Agenda of the President pushed by the Federal Ministry of Housing and City Improvement, an MOU was signed with the consortium of builders underneath a public-private partnership association.
This, he mentioned, was so they may increase funding for housing development.
“So, what FMBN did was to supply 100 billion naira to allow this consortium of builders to entry consortium financing from financiers.
“The essence of the uptake assure is that if the homes are constructed, FMBN will present mortgage finance to the beneficiaries of these homes.’’
Osidi mentioned that by constructing and nurturing partnerships, the financial institution would leverage synergies, entry new assets and broaden its attain to scale up its affect and speed up the supply of inexpensive housing throughout Nigeria.
He added that the financial institution was strategising to ship on its mandate.
“FMBN goes by way of plenty of legacy points most of which need to do with service supply and effectivity.
“Numerous instances, individuals will inform you they utilized for loans from FMBN; it takes so lengthy earlier than these loans get accepted.
“ So, as a brand new administration, we wish to change that narrative. We wish to make it possible for we are able to serve our clients on time.
“So, this retreat is about how we are able to create effectivity in operations and, on the similar time, how we are able to ship service to our clients throughout the context of the very best factor that we are able to provide,’’ he mentioned
Osidi mentioned the retreat would supply the chance to look at FMBN’s journey to this point and discover out the impediments holding it again from advancing speedily.
“Nobody can do that higher than us. From delays in our mortgage processes, the core-banking undertaking, to inter-account settlement points and different challenges, we should pinpoint the ache factors and agree on a approach ahead to get rid of the pains,” he mentioned.
He urged the employees to be daring, artistic, and solutions-oriented and to develop strategic objectives that establish areas for enchancment.
He mentioned they need to additionally discover progressive options and decide to actions enhancing FMBN’s effectivity and glorious customer support.
(NAN)