The system will make it possible for individuals and organizations – including Financial Institutions – to authenticate, validate or confirm the value of any Property or Land across Nigeria and ultimately improve the amount of mortgage financing transactions in Nigeria.
NMRC made the announcement on Twitter ahead of the Virtual Abuja International Housing Show.
In his remarks, Mr. Kehinde Ogundimu, the Managing Director/Chief Executive Officer of NMRC, said that the company’s decision to partner HouseAfrica to develop the digital land registry is in line with the company’s mandate to make technology a key pillar of Nigeria’s emerging modern housing finance market.
“We are proud of our partnership with HouseAfrica and the progress that we have made in this project. This MoU marks yet another landmark in our drive to build strategic collaborations with stakeholders in the housing market towards tackling longstanding challenges to growth and building efficiencies at critical points in the housing and mortgage eco-system”
Speaking on the partnership, Taofeeq Olatinwo who is head of ICT and Business Process Operations at NMRC said, “ NMRC is delighted to partner with HouseAfrica in solving the land titling issues to strengthen the housing market in Nigeria.”
Also speaking on the Partnership, Nnamdi Uba, Co-founder and CEO of HouseAfrica.io, explained that the partnership will unlock a lot of opportunities for Nigerians.
“The partnership will help to unlock trapped assets and capital in residential real estate valued at over 300-900billion USD. and then wealth creation through increased access to credit and growth in mortgage penetration by as much as 3% – 5% of GDP over a 5-10-year period (subject to increased adoption and user rates).”
On his part, Ndifreke ikpoku, Co-Founder and COO at HouseAfrica said “The partnership is another milestone for us, the Nigerian real estate space and blockchain family.
The company is currently onboarding Lawyers and Estate Valuers on the portal at Propvat.com.
The Nigeria Mortgage Refinance Company (NMRC) was licensed on February 18, 2015 to promote delivery of affordable housing to Nigerians through mortgage refinancing.
HouseAfrica.io is a real estate focused start-up headquartered in Nigeria, leveraging emerging technologies like Blockchain to make property transactions secure, transparent and affordable.
In 2019, the startup won the “Best African Blockchain Startup at the 2019” at the AfricArena Conference – Fantom Blockchain Challenge and was also amongst the elven startups selected for the AfriTech accelerator 2019 cohort.
Name: Uba Nnamdi.
Mr Kehinde Ogundimu
M.D CEO, NMRC