6 Functions of Federal Mortgage Bank of Nigeria as well as its strides toward its mandate delivery are given in this herein.
What is Federal Mortgage Bank of Nigeria
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The Federal Mortgage Bank of Nigeria came as a replacement for the Nigerian building society and was founded by the Federal Government of Nigeria in 1977.
It remains the highest mortgage finance institution in Nigeria and thus, regulates the activities of primary mortgage loan originators.
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Functions of the Federal Mortgage Bank of Nigeria
Among the numerous functions of the federal mortgage bank of Nigeria, this article will take into consideration the most outstanding ones which include:
1. The Federal Mortgage Bank of Nigeria supports the emergence while promoting the growth and sustenance of Active primary mortgage institutions to cater to the need for housing delivery in all parts of Nigeria
The Federal Mortgage Bank of Nigeria plays a role in setting a pace in the Housing industry through the breeding of a younger generation of mortgage stakeholders just to ensure that the numerous needs for quality service delivery in the housing sector are being met across the country.
2. It Spearheads the development of the housing sector
The federal mortgage bank plays a role in attracting both domestic and offshore funds and investments into the housing sector. This has been made achievable by its numerous strides toward attracting investors into the housing sector.
This alone is very invaluable to the socio-economic status of Nigeria and makes the federal government much more interested in the sector.
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3. Serving as an interface between the capital market and the housing industry
The federal mortgage bank of Nigeria plays the role of serving as a link between the capital Markey and the housing industry in Nigeria.
This is done to ensure the development of the sector while attracting investors to Nigeria.
4. It helps in the establishment and operation of a lively and active secondary mortgage market to support the primary mortgage markets
As a mother mortgage Organization, the federal mortgage bank of Nigeria plays a great role in issuing support and being a pillar to other upcoming mortgage organizations.
By so doing, it paves way for the uprising mortgage firms and makes the path smooth for them to thrive better.
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5. It Requests, Collects, and administers the National Housing Fund in accordance with the provisions of the NHF Act
Being an agency of the federal government saddled with the responsibility of overseeing the activities of the mortgage banks services in Nigeria, the Federal Mortgage Bank of Nigeria plays a role of requesting for, collecting, and ensuring the dissemination of the national Housing fund into units that are of economic value to Nigeria.
6. It also promotes property ownership in Nigeria
The Federal Mortgage Bank of Nigeria has also played a great role in encouraging the private ownership of properties by Nigerians. This is seen in its numerous programs aimed at making this a reality.
Its quality banking services paves way for increased interest by citizens in the housing sector thereby promoting more property ownership.
The proper functioning of the federal mortgage bank of Nigeria has played a great role in ensuring sustainable growth in the housing sector while ensuring national development. Such strides are commendable and worth emulating.
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Within a few periods of existence, the federal mortgage bank of Nigeria has done credibly well and that has catapulted an improvement in both the standard of living of the average Nigerian and has also developed the housing sector.