Government Needs To Do More For The
Mortgage Sector - MBAN NEWS
When it comes to the issue of mortgage banking in Nigeria, Abimbola Olayinka is a force to reckon with, an icon of sort. He started his banking career as a system analyst with charted bank and today, he is the managing director/chief executive officer of resort savings and loans plc and president of mortgage banking association of Nigeria. A graduate of the prestigious university of Lagos, he is also a member of Ikoyi club. MBAN news crew met with this ever busy Nigerian in his modest office recently where he talked on efforts made so far by MBAN to see that the land use act is amended, future of mortgage institutions in Nigeria and many other sundry issues. MBAN news brings to you the complete story.
Mortgage business in Nigeria is still at the infant stage, a lot of Nigerians are not aware of mortgages and they don’t know what it is all about. We still need to enlighten Nigerians about mortgages. We need to preach about it so that our people can imbibe the culture. What Nigerians are used to is building of houses for a long period of time. Many don’t know there is something like buying of houses through mortgage.
Well for now, in believe that their responses are still low because most Nigerians are not used to buying of properties using loans, they don’t know that they need not go through the pains of years of saving to build houses. What they need to do is to buy properties of their choice and pay over a period of time. However, at the moment, double digit interest rate is an issue and shortness of the tenure of repayment makes things difficult. But we in the mortgage sector, we addressing the issues.
For now in don’t believe that Nigerians have enough knowledge, there is need for us to have more public enlightenment campaigns both at mortgage bank’s publicity level. We need to create products, radio jingles and generally advertise. We need to create the right awareness about what mortgage is all about, because this concept is still not well known in this part of the world. People still see it as an elitist thing.
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