Mortgage Warehouse Funding Limited (“MWFL”) under its N20 billion Asset-Backed Commercial Paper Programme has pre-financed its first series of mortgages to one of its member mortgage banks, Trustbond Mortgage Bank Plc.
A total of four mortgages were pre-financed to the tune of N88.5 million and funds have been disbursed to TrustBond Mortgage Bank Plc. This short-term pre-financing vehicle will enable the mortgage bank to begin to expand its origination capacity and ensure the availability of mortgages for intending homeowners in Nigeria, whilst ensuring the steady growth of the mortgage subsector in the Nigerian housing market.
Commenting on this development, Mr Sonnie Ayere, the MWFL chairman said that, “It is gratifying to finally see MWFL fund its first bank at a holding duration cost of 9.59%. Like everything else, proof of concept is most important and that hurdle has now been scaled. The Conduit is now looking forward to funding more of its member banks and giving them the firepower to go out there with a 100% confidence to give mortgage financing to Nigerian citizens wishing to get on to the property ladder.”
Also reacting to the development, Mr Niyi Akinlusi, President Mortgage Banking Association of Nigeria (MBAN) stated that, “The successful completion of Series 1 funding by MWFL with pre-finance Of TrustBond’s mortgages of over N88m is very significant for the mortgage industry and the larger economy. It is the last piece of the jigsaw puzzle in connecting the mortgage industry to the money market after linking the mortgage market to the capital market through the bond issuance activities of NMRC in the capital market. This signposts the beginning of continuous flow of liquidity from the money market to the mortgage industry and another major initiative in making Nigerians homeowners and reducing the national housing deficit of over 20 million units.”
MWFL is designed to complement the Nigeria Mortgage Refinance Company (“NMRC”), in that whilst NMRC is licensed to provide long-term funding to the mortgage sector via secondary refinancing, MWFL serves to support the sector by providing short- term up-front funding. The primary mandate of MWFL is to provide short term liquidity to its Member Mortgage Banks (“MMBs”), in order to enable them to originate new eligible mortgage loans strictly based on the Mortgage Subsector Uniform Underwriting Standards.
The following mortgage banks constitute the current membership of MWFL:
- Abbey Mortgage Bank Plc;
- Brent Mortgage Bank Limited;
- Homebase Mortgage Bank Limited;
- Imperial Homes Mortgage Bank Limited;
- Jubilee Life Mortgage Bank Limited;
- Lagos Building Investment Company Limited;
- Mayfresh Mortgage Bank Limited;
- TrustBond Mortgage Bank Plc;
- CityCode Mortgage Bank Ltd; and
- Infinity Trust Mortgage Bank Plc.
MWFL is sponsored by several Mortgage Banks, the Mortgage Bankers Association of Nigeria (“MBAN”), Nigeria Mortgage Refinancing Company Plc (‘NMRC”), Lion’s Head Global Partners through the African Local Currency Bond Fund (as Initial Subordinated Note Subscribers), DLM Advisory Partners Limited and CitiHomes Finance Company Limited (“CitiHoms”), a CBN-licensed financial institution.
[READ ALSO: Dangote seeks mortgage financing in Nigeria]
To be eligible for pre-financing from MWFL, a mortgage bank must meet the following criteria:
- be a Member Mortgage Bank of MWFL and must have executed the master purchase;
- pre-finance and servicing agreement;
- be a participating Member Mortgage Bank of NMRC and must have executed the master purchase, refinance and servicing agreement with NMRC;
- must be rated by a recognized rating agency in Nigeria with a current Servicer Quality Rating of SQ3(GCR); and
- must be current with its pension contribution and possess a current PenCom Compliance Certificate.
In addition to the above criteria, loans originated by MMBs requiring funding from MWFL must be underwritten with the strictest adherence to the Mortgage Subsector Uniform Underwriting Standards.
The Bitcoin market you know today was built by people, not institutions
This dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.
Bitcoin recently gained significant global attention, as the richest man in the world, Elon Musk, invested 1.5 billion USD in it. This asset, which was selling for under 1 USD just 11 years ago, has reached new highs in the market with a current price of over 40,000 USD—a phenomenal growth in a decade that no asset class in the market can match.
Some institutions and jurisdictions seem threatened by the existence of digital currencies, which is why the occasional objection about Bitcoin has surfaced on the Internet. Still, this dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.
A few years ago, when people were still skeptical and unconvinced about BTC and its potential, there were those in the industry driven by the ideology that this asset class could create a better global financial system. The reality is that transferring money and processing payments using the current financial system comes with some setbacks.
In one way or another, monetary transactions using traditional payment systems can be laborious and limited, especially to those who have no access to banks and other financial services. This motivated Ray Youssef and Artur Schaback to create a platform that can reach billions of people worldwide.
They explored Bitcoin and discovered opportunities to provide people access to a new financial market. This discovery and enthusiasm led to the creation of Paxful.com, a peer-to-peer trading platform that enables people to buy and sell crypto with anyone, anywhere, at any time.
Currently, Paxful offers over 350 ways to buy and sell Bitcoin and other digital currencies, making it easy for anyone to acquire fractions of BTC and join in on the 900 billion dollar market. Ultimately, Bitcoin has the potential to help people support various financial limitations by allowing them to:
- Pay for goods and services
- Donate to charitable organizations
- Build and grow a business
- Protect the value of their wealth
- Send money faster at a cheaper rate
Apart from providing financial opportunities through the platform, Paxful also uses BTC to uphold quality life and education through the Built With Bitcoin initiative. Every crypto donation goes towards the construction of schools in emerging markets to empower people through learning to live a better life.
The platform has and continues to financially enable millions of people around the world through digital currencies. It’s never too late to start—join the growing Bitcoin community today and be a part of the global people-powered market.
MyManilla – Driving the future of financial technology in Africa
The purpose of MyManilla is to create a platform that eases access to financial services for everyone; especially those in the informal financial sector.
MyManilla is a digital financial platform driven by modern technology to eliminate all forms of barriers faced by users while trying to access financial services. MyManilla is a product of Manilla Digital Application Ltd; a tech company based in Abuja, Nigeria.
The purpose of MyManilla is to create a platform that eases access to financial services for everyone; especially those in the informal financial sector. With this, petty traders, civil servants, students, artisans, cooperative societies, trade unions, and other income earners can have unhindered access to necessary financial services.
According to a PwC fintech and banking report done in 2020, the Nigerian fintech industry investments over the past eight years stood at $204 million. Nigerian fintech secured $103.4 million in funding by end of the year 2018. This represented more than half (58%) of the total start-up funding in the same period under review.
This goes on to show that the nature of financial services is fast-changing, and with time, access to these services will completely become virtual. MyManilla is at the forefront of these advancements with cutting edge technology aimed at eliminating all forms of stress associated with accessing financial services.
MyManilla provides uncommon benefits compared to using the conventional financial institutions. Some of these benefits include – easy and seamless account opening, zero hidden charges, bills payment, automated savings, insurance and a lot more. “We are very keen on making life easy for our customers and consumers and we are making sure that this will provide them with the ease they need for accessing financial services to cater for their daily needs” – ‘Goke Alade Olateju, Co-Founder/CEO, MyManilla.
Manilla Digital believes that MyManilla is the future of financial technology as we have created an All-In-One digital financial platform that focuses on driving inclusiveness, financial literacy, support for cooperative communities and automation of their processes, low-interest loans, secured pension schemes amongst other features. We are delivering the future of finance today; “No queues, just clicks”.
Consequently, Manilla Digital recently signed an agreement with Federal Civil Service Staff Multipurpose Cooperative Union which has over 150 cooperatives and in excess of over 100,000 individual members. This agreement is aimed at making savings, loans, bills payment and other financial services easily accessible for these cooperatives and their members.
According to Maimuna Sabo Abubakar, the Co-Founder/ Chief Growth Officer, agreements and collaborations like this, would further close the financial gap in Nigeria especially within the northern region of the country. She expressed confidence that within a few years, there will be significant growth in financial literacy within this region which will result in an upward progression of people living below the poverty level.
In these days where financial activities are heavily scrutinized and with an increasing level of distrust among consumers, we have created a very transparent process to help you keep your money, guide you on where to invest it, and help you prepare for a financially secured future. You don’t have to worry about how to invest because we will constantly present you with safe investment opportunities and guide you every step of the way.
The MyManilla website and application launched earlier in March 2021 and is now accessible to people of all age brackets, works of life and social class. The beta version of the application has been released and made available first to Android users on Play Store, while the iOS version will be released very soon.
MyManilla is set to change, forever, the way Africa and Africans see and access financial services. It is set to be Africa’s foremost all-in-one digital financial platform, driven by technology to ease access to financial services for the common man, in other to help them cater for their daily needs.
Follow us on our social media platforms @mymanillang, or send an email to [email protected] for further enquiries.
Built for the future; delivered in the present. Welcome to the future
Nairametrics | Company Earnings
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- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.