Housing: CMB embraces low income earners, promises affordable mortgage

The Managing Director/Chief Executive Officer of Cooperative Mortgage Bank, Kabir Ayinde Tukur, has revealed that low income earners in Nigeria have access to home ownership as the bank has different home ownership packages for all classes in the society.

Tukur made the disclosure during an interview on AIT’s Housing Development programme, stressing that individuals willing to own decent and affordable houses in any part of the country through mortgage could be assisted by the bank.

According to the Managing Director, CMB is the only mortgage institution in Nigeria providing housing loan for people in the informal sector.

He said, ” We have mechanics that we have giving mortgages. If they should go on their own to other mortgage institutions, they probably will not be able to get it. This is possible because of what we are — because the mechanics belong to cooperative societies which serve as guarantors, we are able to process the mortgage quite easily.”

The Harvard Business School alumnus stated that the bank, having been in existence for over 27 years, has more than 16 contact centres in across the nation to provide services for all Nigerians.

He said further, ” The workforce in Nigeria, both formal and informal, is about 30 million and the cooperative movement is over 20 million. Our own target and solution is to bring all these cooperatives together, start saving the little money they have and then start building houses backed with mortgage.”

While maintaining that about 95% of home owners in advanced countries got their houses on mortgage, Tukur said Nigeria ought to embrace such solution as Nigerians generally depend on cash to build houses, a practice he described as an ‘aberration’.

He therefore called on residents of the country to take advantage of mortgage as a solution to home ownership deficit, adding that the bank is currently bridging the gap with the provision of affordable houses for people with similar needs and purchasing power.

Established in 1994, Cooperative Mortgage Bank is licensed and regulated by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria, insured by the Nigeria Deposit Insurance Corporation, and accredited by Federal Department of Cooperatives as a cooperators’ bank.

The bank is currently in the 7-man board of the International Cooperative Banking Association.

 

Cooperative Mortgage Bank

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