Infinity Trust Mortgage Bank partners DBN, acquires N2.7bn

Infinity Trust Mortgage Bank has revealed that it was recently granted access of N2.7 billion credit facility for on-lending to its customers by the Development Bank of Nigeria (DBN).

In a statement made available to the Nigerian Stock Exchange (NSE), the bank explained that the onboarding as a participating financial institution was in line with the bank’s vision of deepening mortgage penetration and inclusion in the country.

The Managing Director/Chief Executive Officer of the bank, Mr Olabanjo Obaleye, said that the new partnership with the DBN was one of the key strategic drives of the bank to expand its product offerings to those in the MSMEs sector particularly as they constitute over 90 per cent of enterprises in the country.

He added that it would also help the bank to reach more customers that are self-employed as well as micro, small and medium enterprises that want to purchase commercial properties like shops and offices.

He added that this would also improve financial inclusion for mortgage products, one of its key goals.

Mr Obaleye stated: “Shelter is one of the basic human needs, this is why we are passionate about providing needed mortgage loan to deserving Nigerians particularly those in the MSMEs sector to purchase properties.

“This will further broaden the mortgage penetration depth in the Nigerian market, as we speak we have simplified our processes in such a way that a mortgage loan can be disbursed within three days to an individual, giving that the applicant meets all the mandatory requirements.

“We have streamlined our processes and incorporate the use of technology which has made the disbursement of loan to individuals so fast, making us the leading primary mortgage bank in Nigeria which is reflected in our financial results.”

Mr Obaleye, therefore, appealed to those in the MSMEs sector and small corporates who are interested in accessing mortgage loans to build and purchase a residential or commercial property to visit any of its office locations for thorough guidance and necessary approval.