The Nigeria Mortgage Refinance Company (NMRC) recently achieved a major milestone when it was named one of Top 25 Most Innovative Companies in Nigeria by BusinessDay Media, publishers of the daily BusinessDay newspaper widely acclaimed as the most authoritative voice on business and the economy in Nigeria.
NMRC won in the category of the “Most Innovative Mortgage Institution Award,” for its transformative Mortgage Market System (MMS), cited by the BusinessDay publishers as “a revolutionary innovation, the first ever mortgage management technology infrastructure proffering an end-to-end solution for the housing finance market in Nigeria”.
NMRC’s MMS works to integrate the financing operations of key components of the entire housing value chain, from construction finance to primary mortgage origination and administration to secondary market mortgage refinancing.
In his welcoming remarks Frank Aigbogun, Publisher/CEO of BusinessDay Media proffered as context for the awards the fact that in 2016, Nigeria’s economy plunged into a recession, a situation that has challenged the operational existence of many of Nigeria’s big and small companies across all sectors. But in every challenge, there is an opportunity. Faced with declining demand, policy inconsistency and uncertainty, acute scarcity of foreign exchange, and dwindling revenues, players in both the private and public sector have had to dig deep into their innovative capacity to do extra-ordinary things in 2016.
The Awards therefore seek to acknowledge, celebrate and promote extensively the Organisations and Institutions that have developed the most inventive and ground-breaking products, ideas and services in 2016 and thus, contributed immensely to the sustainability of their customer-base, bottom-line, overall organisational growth, as well as the socio-economic development of our country.
Receiving the award on behalf of the management and staff of NMRC, Managing Director and CEO, Professor Charles Inyangete said: “I am very honoured and proud to receive this award on behalf of NMRC. It’s just the first of what we hope will be a fruitful time for NMRC going as we work to make affordable home ownership a reality for Nigerians”
Innovation is at the core of NMRC’s operations. Innovation drives NMRC’s interventions in the mortgage and housing markets through which the company has recorded some significant successes, including the first ever Mortgage and Housing Market Information Portal (MHIP), developed in partnership with the National Bureau of Statistics, the Central Bank of Nigeria, Federal Mortgage Bank of Nigeria among other partners, the first ever mortgage institution set to refinance the mortgage loans of federal civil servants under the Federal Government Staff Housing Loans Board Scheme and the Mortgage Market System (MMS).