Nigeria’s Pension Commission (PenCom) has named Stanbic IBTC Bank as one of the banks to process Retirement Savings Account (RSA) backed mortgages.
PenCom’s RSA Backed mortgage initiative allows contributors to use up to 25% of their contribution as equity to purchase a home in their chosen area.
This is coming barely two years after the commission launched the transfer window initiative.
In seeking opportunities to help contributors get more value from their contribution ahead of their retirement, the commission has partnered with Financial Institutions such as Stanbic IBTC Bank to make funds available to verified contributors to buy homes while using part of their RSA balance as equity contribution.
The bank, a subsidiary of Stanbic IBTC Holdings, reaffirmed its commitment to the growth of Nigeria’s real estate sector in alleviating the housing challenge in the urban and sub-urban regions of the country; with the commencement of the validation process for RSA holders who have shown interest in the home loan.
Speaking on the collaboration, Olu Delano, Head, Consumer, and High Networth Clients, Stanbic IBTC Bank, stated that this opportunity aligns with the bank’s strategic focus of enabling all Nigerians to Live a Better Life and making dreams possible for clients. In this case, the vision is accomplished by providing affordable loan solutions to meet housing needs and supporting pension contributors in extracting value from their contributions before retirement. He said: “Housing is one of the basic human needs, and in Nigeria, home ownership is a real challenge for many individuals and families. Therefore, Stanbic IBTC is supporting PenCom to help bridge the accessibility gap.”
“We want to provide affordable loan solutions for our customers and Nigerians to meet their basic and business needs, one of which is housing for residential and business use,” he added.
Stanbic IBTC remains laser-focused on delivering value to its numerous customers, and the RSA Backed mortgage is just one of the ways the organisation is living up to its commitment. More details on the end-to-end financial solutions accessible to Nigerians from the financial services giant can be accessed on the company’s website at www.stanbicibtcbank.com