NMRC Emerges “Best Mortgage Institution” at Shelter Afrique Awards
July 5, 2021, Lagos, Nigeria
The Nigeria Mortgage Refinance Company Plc (NMRC) was recognized as the “Best Mortgage Institution” at the 2021 inaugural edition of the Shelter Afrique Awards (SHAF Awards). The award is in recognition of NMRC’s delivery of stakeholder value and development Impact through ground-breaking reforms and the historic role the company is playing in enhancing mortgage access and promoting affordable homeownership in Nigeria. NMRC’s citations included the company’s different Bond Issuances, that has leveraged long term housing finance from the Capital Market to refinance mortgage portfolios of mortgage lending institutions over a 5-year period. NMRC’s recognition was also in line with its role in the development and mainstreaming of uniform underwriting standards aimed at formalizing the mortgage origination and administration process in addition to its ongoing advocacy for nation-wide adoption of the Model Mortgage Foreclosure Law.
The Awards are part of the Pan African Institutions inaugural initiative tagged the ‘’Shelter Afrique Affordable Housing and Urban Development Practitioners Awards’’ for 2021. The awards are a testament to Shelter Afrique’s commitment to recognizing the efforts of practitioners in the affordable housing and urban development space who are promoting best practices and contributing towards solving and harnessing Africa’s housing challenges and urban development opportunities.
The organizers of the award also noted the historic milestones that NMRC has recorded in leveraging technology to improve the operations of Nigeria’s housing market and mortgage data management since it commenced operations in 2015. These includes the Mortgage Market System (MMS), Nigeria’s first mortgage
management technology infrastructure that proffers an end-to-end solution for the housing finance market in Nigeria. In addition, NMRC’s collaboration with stakeholders like NBS, CBN, FMBN, MBAN CAHF to develop the Housing Market Information Portal (HMIP) was also recognized.
The HMIP serves as the interface for easy access to real-time and live information on housing finance, property development and ownership was also recognized. The HMS and HMIP were designed to address barriers created by the cumbersome processes surrounding home ownership in Nigeria. The system integrates the financing operations of the key components of the entire housing value chain from construction finance to primary mortgage origination and administration to secondary market mortgage refinancing.
While accepting the award on behalf of the institution, the MD/CEO of NMRC Mr. Kehinde Ogundimu thanked Shelter Afrique, the organizers of the Awards for the international industry recognition and restated the commitment of the company to deepening its drive towards developing Nigeria’s housing and mortgage market. Mr Ogundimu further noted that “the institution is encouraged by the recognition of NMRC’s contributions, and the award will spur the team to be more innovative”.
NMRC is a CBN-licensed mortgage liquidity facility with the core mandate of developing the primary and secondary mortgage markets. NMRC raises long-term funds from the capital market for mortgage refinancing and by extension promotes affordable housing development and home ownership in Nigeria. NMRC was incorporated on 24th June 2013 and obtained its final license to operate as a non-deposit taking financial institution from the CBN on 18th February 2015.