Our Business
NMRC bridges Nigeria’s housing finance gap by providing long-term, wholesale funding to commercial banks and mortgage institutions at competitive rates and extended tenors of up to 15–20 years. By refinancing qualifying mortgage portfolios, we empower these institutions to offer more affordable and accessible home loans to Nigerians.
We achieve this by refinancing qualifying mortgage portfolios of primary mortgage and commercial banks, respectively.
1. Products
- Mortgage Refinancing: We provide long-term funds to mortgage lenders, including commercial and primary mortgage banks, enabling them to finance more mortgages with longer tenures and lower interest rates. This means that a wholesale loan is given directly to commercial and mortgage banks, for the sole benefit of individual homeowners.
- Alternative Refinancing: Beyond traditional mortgage refinancing, we provide long-term funds for specialised housing needs, including home renovations and eco-friendly residential home improvements.
NMRC Refinancing Process Flow – use an infographic to represent this
- Commercial Banks or Mortgage Lenders submit a mortgage portfolio.
- NMRC identifies, pre-qualifies, and selects conforming mortgage loans for refinancing based on Uniform Underwriting Standards.
- Compliance with conditions precedent is ensured, and relevant legal documents are executed.
- NMRC raises funds by issuing bonds in the capital market.
- NMRC refinances conforming mortgage loans.
2. Funding
At NMRC, we mobilise long-term capital to strengthen Nigeria’s housing finance ecosystem. Our funding comes from diverse sources:
Capital Market
We issue bonds under our ₦440 billion Medium-Term Note Programme, backed by a Federal Government guarantee. These bonds attract institutional investors such as pension funds, insurance firms, and asset managers, enabling us to refinance mortgage portfolios with stable, long-term funding.
Shareholder Equity
Our equity base is backed by a strong group of shareholders, including the Federal Government of Nigeria, the Central Bank of Nigeria (CBN), the Nigeria Sovereign Investment Authority (NSIA), as well as leading commercial and mortgage banks. Additionally, income generated from refinancing activities and investment returns contributes to the sustenance of our business operations.
Development Funds
We access credit facilities from development finance institutions, which are then channelled to mortgage refinancing. For instance, we accessed a $200 million credit facility from the US Development Finance Corporation (DFC). This has helped deepen the mortgage market and build capacity.
The funds that NMRC raises provide much-needed liquidity to the mortgage market, enabling our partner mortgage lending institutions to offer longer-term and more affordable home loans to Nigerians. This is at the heart of what we do, making homeownership more accessible by connecting the capital market with the housing sector.
Breaking the barriers to home ownership by providing liquidity, affordability, accessibility and stability to the housing market in Nigeria.
Mortgage Refinance
& Securities
NMRC issue bonds by aggregating mortgage portfolios of commercial banks and mortgage lending institution for investors in the Capital Market to buy through its N440bn FGN guaranteed Bond Issuance Program.
Market Development
& Advocacy
At NMRC, we recognize that a well-functioning housing market is essential to attracting investment into Nigeria’s housing sector and driving sustainable homeownership.
Mortgage
Standardization
As part of our commitment to promote global best practices across Nigeria’s housing and mortgage finance ecosystem, we are driving the adoption of standardised operational frameworks that enhance trust, efficiency, and risk management within the industry.
Technology
NMRC leverages technology and business process innovation as pivotal tools for building a modern housing finance market for Nigeria. In line with the mandate to remove barriers to homeownership and build a sustainable culture of efficiency in the Nigerian housing market,...
OUR CAPITAL
Funding
At NMRC, we mobilise long-term capital to strengthen Nigeria’s housing finance ecosystem. Our funding comes from diverse sources
Capital Market
Our equity base is backed by a strong group of shareholders, including the Federal Government of Nigeria, the Central Bank of Nigeria (CBN), the Nigeria Sovereign Investment Authority (NSIA), as well as leading commercial and mortgage banks. Additionally, income generated from refinancing activities and investment returns contributes to the sustenance of our business operations.
Shareholder Equity
Our equity base is backed by a strong group of shareholders, including the Federal Government of Nigeria, the Central Bank of Nigeria (CBN), the Nigeria Sovereign Investment Authority (NSIA), as well as leading commercial and mortgage banks. Additionally, income generated from refinancing activities and investment returns contributes to the sustenance of our business operations.
We issue bonds under our ₦440 billion Medium-Term Note Programme, backed by a Federal Government guarantee. These bonds attract institutional investors such as pension funds, insurance firms, and asset managers, enabling us to refinance mortgage portfolios with stable, long-term funding.
Development Funds
We access credit facilities from development finance institutions, which are then channelled to mortgage refinancing. For instance, we accessed a $200 million credit facility from the US Development Finance Corporation (DFC). This has helped deepen the mortgage market and build capacity.
The funds that NMRC raises provide much-needed liquidity to the mortgage market, enabling our partner mortgage lending institutions to offer longer-term and more affordable home loans to Nigerians. This is at the heart of what we do, making homeownership more accessible by connecting the capital market with the housing sector.
Business Objectives
Step 1: Evaluate Your Finances
The first step is to evaluate your finances. Before you start shopping for a home, you must assess your income level to know the price range of the house that you can afford and your ability to conveniently and sustainably pay the mortgage.
In simple terms, what you earn, how much of it you spend, and how much you have saved will help you determine if you are financially ready for homeownership.
Step 2: Stay Focused On Your Goal
The Nigeria Mortgage Refinance Company(“NMRC”) is a Public Private Partnership arrangement between the Federal Government of Nigeria and private sector. It is a component of the Nigeria Housing Finance Programme initiated by the Federal Ministry of Finance in collaboration with the Central Bank of Nigeria (“CBN”), Federal Ministry of Lands, Housing & Urban Development (“FMLHUD”) and the World Bank/IFC.
NMRC is a vehicle set up to bridge the funding cost of residential mortgages and promote the availability and affordability of good housing to working Nigerians by providing mortgage lending banks with increased access to liquidity and longer terms funds in the mortgage market.
Step 3: Approach A Bank
The Nigeria Mortgage Refinance Company(“NMRC”) is a Public Private Partnership arrangement between the Federal Government of Nigeria and private sector. It is a component of the Nigeria Housing Finance Programme initiated by the Federal Ministry of Finance in collaboration with the Central Bank of Nigeria (“CBN”), Federal Ministry of Lands, Housing & Urban Development (“FMLHUD”) and the World Bank/IFC.
NMRC is a vehicle set up to bridge the funding cost of residential mortgages and promote the availability and affordability of good housing to working Nigerians by providing mortgage lending banks with increased access to liquidity and longer terms funds in the mortgage market.