The Nigeria Mortgage Refinance Company Plc (NMRC) has been recognised as the ‘Best Mortgage Institution’ at the 2021 inaugural edition of the Shelter Afrique Awards (SHAF Awards).
The award is in recognition of NMRC’s delivery of stakeholder value and development impact through ground-breaking reforms and historic role the company is playing in enhancing mortgage access and promoting affordable homeownership in Nigeria.
NMRC’s citations included the company’s different bond issuances that have leveraged long-term housing finance from the capital market to refinance mortgage portfolios of mortgage lending institutions over a five-year period.
NMRC’s recognition was also in line with its role in the development and mainstreaming of uniform underwriting standards aimed at formalising mortgage origination and administration process in addition to its ongoing advocacy for nation-wide adoption of the model Mortgage Foreclosure Law.
The awards are part of the Pan African institutions inaugural initiative tagged the ‘’Shelter Afrique Affordable Housing and Urban Development Practitioners Awards’’ for 2021.
The awards are a testament to Shelter Afrique’s commitment to recognising the efforts of practitioners in the affordable housing and urban development space, who are promoting best practices and contributing towards solving and harnessing Africa’s housing challenges and urban development opportunities.
The organisers of the award also noted the milestones that NMRC has recorded in leveraging technology to improve the operations of Nigeria’s housing market and mortgage data management since it commenced operations.
These include the Mortgage Market System (MMS), Nigeria’s first mortgage management technology infrastructure that proffers an end-to-end solution for the housing finance market in Nigeria.
In addition, NMRC’s collaboration with stakeholders to develop the Housing Market Information Portal (HMIP) was also recognised. The HMIP serves as the interface for easy access to real-time and live information on housing finance, property development and ownership was also recognised. The HMS and HMIP were designed to address barriers created by the cumbersome processes surrounding home ownership.
The system integrates the financing operations of the key components of the entire housing value chain from construction finance to primary mortgage origination and administration to secondary market mortgage refinancing.
While accepting the award, NMRC Managing Director, Mr. Kehinde Ogundimu, restated the commitment of the company to deepening its drive towards developing Nigeria’s housing and mortgage market.