With increasing technology adoption in Nigeria financial transactions are increasingly performed online. According to reports from the Nigeria Inter-Bank Settlement Systems (NIBSS), e-payment transactions between January and August this year reached a total number of ₦238.7 trillion, a 50% increase from last year. This number indicates a need for financial institutions to embrace technology. With the use of technology, financial services providers can extend their reach, and create ease and accessibility, while saving costs. This is the niche iVantage is taking advantage of.
In his opening remarks, Femi Johnson managing director of Homebase Mortgage Bank and a director at iVantage, said, “iVantage has positioned itself to take advantage of the need in the market to deliver tailor-made, cutting-edge technological solutions to the financial services industry.” The niche iVantage is starting with is the mortgage banking and microfinance industry.
Using technology, iVantage helps mortgage banks scale up and serve their customers’ digital needs. With its latest mobile banking app and property solution, iVantage is serving mortgage banks, property developers, and end users by helping them connect with each other better. These products create ease and efficiency for users while also increasing the sales and transaction volumes for real estate developers and mortgage banks.
Also speaking at this event was Modele Ajayi-Bembe, chief strategy officer at iVantage. She took guests through the features of the recently launched mobile banking and property app already created for Imperial Homes Mortgage Bank, one of iVantage’s partners. With this mobile app, mortgage bank customers can bank with ease from the comfort of their homes, create bank accounts, and verify their identity online. They can also view properties that are available for purchase, save towards those properties, and also start the mortgage loan process to acquire said properties.
This application comes in four modules which are:
Mobile banking module: Here customers can perform banking services like transfers, payments, and card requests.
Property module: With this, customers can search among existing verified properties for their housing preferences. The certificate of occupancy and building plans are also available here. Here customers have the option to lock down properties they are interested in paying for while it’s still under development and can also request an inspection of properties.
Investment module: Here customers can manage their fixed deposits in real-time. Customers can view details like the maturity date of an investment, book new investments, and liquidate investments.
Mortgage module: When customers see a property they like in the property module, they can request to buy it via a mortgage. Here customers will submit their verification details including bank statements, CVs, personal details, and income details. Customers with an existing mortgage can view their existing mortgage here, their outstanding balance, the next repayment date and amount, and the interest rate. They can check credit scores and track mortgage applications.
According to Modele Ajayi-Bembe, the property module is already filled with over 22,000 pre-qualified properties. These properties have been verified and are secure to pay for or take out a mortgage on. Customers who are interested but don’t have the existing equity have the option to save towards it on this platform. This mobile banking solution can be replicated for mortgage banks and customized to fit their unique preference from preferred colors to logos. Other products introduced at this event include the iVantage credit scoring product for mortgage banks and developers.
This solution is linked to two credit bureaus and is attached to customers’ bank statements. This product helps mortgage banks and developers evaluate and access customers, give them a credit rating, and an affordability analysis to see if they can afford to keep paying for a property.
Here a customer’s credit history is accessed, a credit check is run, and a score is assigned based on individual risk assessment criteria set by the mortgage banks and property developers. This means that each applicant will get an aggregate score combining the direct results from the credit bureaus, customers’ bank statements, and the affordability analysis.
The internet banking solution for mortgage banks was also introduced at this event. This is available to both corporate and personal mortgage bank customers. This feature is for those who prefer to not download the mobile app and it replicates the same functions on the mobile app.
iVantage also announced its property developer solution after the launch of the mobile app. This solution helps developers meet the needs of clients both at home and from around the world. Developers pay and subscribe for this and it is tailored-made according to their needs.
With this solution, developers can list properties that are already developed or in the development stage for easy access for customers who want to purchase a property.
To protect customers and developers alike, developers are given the option to upload their account information so any payment made goes directly to the developer’s account. iVantage also provides backend access for property developers here, so they can see the number of users they have, the properties uploaded, inspection requests, manage properties listed on the app, and manage buyer issues. Customers can request property documents for verification and developers can also upload 3D videos and enable virtual tours for clients who cannot do a physical inspection of the property.
Typical house financing and buying require a lot of legwork from customers. From visiting the property to physically verify its suitability to visiting a mortgage bank to get a loan, there is a lot of movement involved. iVantage has eliminated the legwork and stress involved in this transaction by streamlining the process digitally and building these solutions for the developers, mortgage banks, and their end users.
The launch event, which was MC’d by Otolorin Kehinde Peter, also known as Kenny Blaq, also witnessed the presence of Oba Adeyeye Enitan Ogunwusi, the Ooni of Ife; executive secretary/CEO of the Mortgage Banking Association of Nigeria, Kayode Omotoso; MD of Dillon consultants, Gary Sanusi; MD of Nigeria Mortgage Refinance Company, Kehinde Ogundimu; MD Abbey Mortgage Bank, Mobolaji Adewumi; chairman of Megamound Investment Limited, Otunba Asiwaju Olumide Osunsina; and the CEO/Co-founder of SmallSmall tech, Tunde Balogun. There were also representatives from among developers and mortgage banks, including Revolution Plus Property Development Limited, Infinity Trust Mortgage, Uraga Real Estate, Boban Realtors, and a host of others.
To find out more about iVantage and its solutions click here