5th April 2019
The Nigeria Mortgage Refinance Company Plc (NMRC) joined local and international players at the Kaduna Economic and Investment Summit that held from April 3rd– 4th 2019. The event tagged KADINVEST 4.0 had as its theme “Expanding Investment Frontiers”.
NMRC’s participation in this year’s edition was focused on NMRC’s role in helping Kaduna State achieve its current “Ease of Doing Business” ranking as Nigeria’s number one location for Investment conferred on the State by the World Bank.
NMRC featured prominently as part of the panel that deliberated on the topic “making affordable housing a reality” alongside key stakeholders like Family Homes Fund, Federal Mortgage Bank and Federal Housing Authority.
In his contribution, the Head ICT & Business Process Operations for NMRC in the person of Mr. Taofeeq Olatinwo who represented the MD/CEO Mr. Kehinde Ogundimu, highlighted NMRC’s intervention and ongoing contributions in Kaduna State.
NMRC’s contributions as stated by Mr. Olatinwo included the passage of the Mortgage Foreclosure Act, Set up of a Blended interest rate Affordable Mortgage Fund and an ongoing partnership with Kaduna geographic Information System (KADGIS).
These landmark partnership engagement between NMRC and KADGIS includes the use of NMRC’s Mortgage Market System that is backed by Blockchain technology to improve and make Kaduna State’s Housing market more accessible with the aim of driving housing development and mortgage affordability.
The passage of the Model Mortgage Foreclosure act has positioned Kaduna State as one of the early beneficiaries of housing and mortgage interventions being promoted by the Central Bank of Nigeria in partnership with NMRC.
The interventions that will be promoted in Kaduna State includes the Nigeria Mortgage Guarantee Company (NMGC) and CBN’s Mortgage Interest Drawback Fund (MIDF) both of which will facilitate affordable housing acquisition and mortgage penetration.
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 homeownership 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.