Federal Mortgage Bank of Nigeria (FMBN) | About and Contact Info
The Federal Mortgage Bank of Nigeria (FMBN) is a financial institution established by the Nigerian government to promote the provision of affordable housing finance to Nigerians. It was established in 1956 but became fully operational in 1959. The primary goal of the FMBN is to facilitate the mobilization of long-term funds from both domestic and international sources, as well as provide affordable housing finance to Nigerians at competitive rates.
Key functions and responsibilities of the Federal Mortgage Bank of Nigeria include:
- Mortgage Lending: FMBN provides mortgage loans to individuals, groups, and organizations for the purpose of building, purchasing, or renovating residential properties.
- Mortgage Refinancing: The bank refinances mortgage loans originated by primary mortgage institutions (PMIs) to enhance the liquidity and efficiency of the mortgage market in Nigeria.
- Savings Mobilization: FMBN encourages savings through the National Housing Fund (NHF) scheme, which allows contributors to save towards homeownership and access mortgage loans at subsidized interest rates.
- Development Finance: The bank supports the development of the housing sector by providing financing for housing projects and related infrastructure development.
- Mortgage Insurance: FMBN offers mortgage insurance services to protect mortgage lenders against default by borrowers.
- Capacity Building: FMBN provides training and capacity-building programs for stakeholders in the housing sector to enhance professionalism and efficiency.
Overall, the Federal Mortgage Bank of Nigeria plays a crucial role in addressing the housing deficit in Nigeria and promoting homeownership among citizens through various financing and support initiatives.
CONTACTS
Head Office:
Federal Mortgage Bank of Nigeria Headquarters
266 Cadastral AO, Central Business District.
PMB 2273 Garki Abuja. Nigeria
Support Phone No:
+234 09-292 0690
08153225854
+234 0817 0237 904
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