Skip to main content

Automation of FMBN processes 80% complete – MD

By

The move by Federal Mortgage Bank of Nigeria (FMBN) to ensure full automation of its processes and help reduce the transaction cycle of the National Housing Fund (NHF) has reached 80 percent completion.

Managing Director, FMBN, Mr. Gimba Yau’ Kumo, disclosed this recently when the new executive council of the Mortgage Banking Association of Nigeria (MBAN), led by the President, Mr. Femi Johnson, met with top officials of FMBN. He noted that with this development, the NHF transaction cycle will be less than 90 days, adding that workshops and/or training programmes are being planned for primary mortgage banks (PMBs) to work towards a shorter transaction cycle for NHF process.

Yau’ Kumo’s statement was in response to a call by Johnson, the MBAN president, who  urged FMBN to fast track the automation of NHF process, saying  “there is the dire need to conclude Automation Process of the NHF Scheme, very quickly.” Johnson also called for the resuscitation of the quarterly meetings of the technical committee in order to resolve issues arising on the scheme on a continuous basis.

MBAN called for the deepening of the NHF scheme, adding that making PMBs the engine room of the monthly collection process, shortening transaction cycle time, placing the funds with PMBs and prompt disbursement of approved NHF loans will help address the issue of paucity of funds in the country’s mortgage sector.

Responding to the requests made by MBAN, Yau’ Kumo said there is need to first tackle the case of those PMBs that had commenced collection of NHF but may not meet the December 31, 2013 deadline set by CBN for consolidation/reforms of the sector.

He also said that the issue of placement of funds as deposits with PMBs would be fully addressed after the consolidation, noting that FMBN recently had a swap transaction with a PMB and found it difficult to recover the fund at maturity. He said the apex mortgage bank also wants to avoid the incidence of its N1billion trapped in Savannah Bank some years ago.

The NHF is a Federal Government introduced scheme, to which all public servants and employees in the organised private sector, aged 21 years or above, the country are expected to contribute 2.5 percent of their monthly salary to FMBN as managers of the fund.

Employees of various corporations who are active contributors to the scheme, can access the fund from FMBN through the accredited PMB of their choice. amount of loan obtainable under the scheme is N15 millionat the rate of 6 percent interest repayable over a period of 30 years is obtainable under this scheme.

As at March 2013, available statistic shows that 3.77 million workers had so far contributed N106 billion to the Fund nationwide out of which N101 billion has been disbursed to beneficiaries to enable them build, buy or renovate their houses. The amount was contributed by 28 states while eight states are still not contributing to the fund.

Labels:

Comments

Post a Comment

Popular posts from this blog

DO YOU WANT TO BECOME A MASON IN NIGERIA

By
 After all i have said about this fraternity if you are still interested in becoming a mason there are just simply ways in which you can do that, but inspite of my post i am neither encouraging nor discouraging you all i am doing is just to let you know more about this frat and there's more to come about those who have joined, the so called stars like jay-z, kanye west etc i guess its just 7 simple ways to join and off you go  Are there things you want to accomplish in your life? Are there ways you want to enrich yourself? Do you enjoy being with people you like and respect? As a Freemason, you’ll find friendship and fraternity. You’ll develop life skills like self-confidence, leadership, and effective communication. You’ll learn to work as part of a team  and to better yourself as you help others. Think about taking the first step into becoming a Mason. It is widely thought that one must be invited to become a Freemason or that Freemasonry is so exclusive as to be b...
240 comments
Read more

13 Places You Should Visit In before the end of 2013

By
  Wikimedia Commons It's more than halfway through 2013 and even though the summer is winding down, there's still plenty of time to book a trip to a great destination. We looked at major developments, cultural trends, and global festivals to find the hottest places to travel around the world in 2013. There are vast untouched landscapes that offer incredible outdoor experiences, cities that are experiencing a cultural rebirth, and up-and-coming destinations that offer great deals and few tourists. London, England Since Kate Middleton gave birth to Prince George Alexander Louis last week , England has been in the national spotlight, and is expecting a tourism boost. But that's not the only reason to visit the UK right now. The 2012 Summer Olympics in London came and went, but many of the buildings, restaurants, hotels and venues that sprouted up to accommodate the hundreds of thousands of visitors who came for the Olympics still stand. Several new building...
Post a Comment
Read more

50 life lessons you can still learn now that your young.....

By
You’re stronger than you think you are. Mistakes teach you important lessons. Every time you make one, you’re one step closer to your goal. There is nothing to hold you back except you. You can press forward long after you can’t. It’s a matter of wanting it bad enough. No matter how much progress you make there will always be the people who insist that whatever you’re trying to do is impossible. You are limited only by your own imagination. Let it fly. Perception is reality. Your instincts can be trusted. There is only one question to ask yourself: “What would you do if you were not afraid?” It’s often hard to tell just how close you are to success. The only mistake that can truly hurt you is choosing to do nothing simply because you’re too scared to make a mistake. Never let success get to your head, and never let failure get to your heart. You have to fight through some bad days to earn the best days of your life. Life is 10% what happens to you and 90% how ...
Post a Comment
Read more