Stanbic IBTC Bank has been named one of the banks to process Retirement Savings Account (RSA)-backed mortgages by the National Pension Commission (PenCom).
The RSA-Backed mortgage initiative of the Pension Commission allows contributors to use up to 25% of their contribution as equity to purchase a home in their chosen area.
Speaking on the collaboration, Head, Consumer, and High Net worth Clients, Stanbic IBTC Bank, Olu Delano 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.”