Diaspora Mortgage Product on Track for Major Success - FMBN
During a recent meeting, the Managing Director and Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, reaffirmed the Bank’s commitment to ensuring the highest standards of safety and seamless transactions for the upcoming Diaspora Mortgage Product, acknowledging its cross-border complexities.
Osidi conveyed this assurance during a meeting with a delegation from the Nigerians in Diaspora Commission (NiDCOM), led by Chairperson Hon. Abike Dabiri-Erewa, at FMBN’s headquarters on Wednesday, August 21, 2024. The meeting was convened to update NiDCOM on the progress of the collaborative Diaspora Mortgage Loan Product being developed by FMBN and NiDCOM.
Expressing gratitude for NiDCOM’s support, Osidi emphasized that FMBN is meticulously refining the product to ensure it meets the highest professional standards. “We are approaching this initiative with a strong sense of responsibility,” he remarked.
Highlighting the advancements made, Osidi noted significant progress on the technical aspects related to platforms and International Money Transfer Operators (IMTOs). He also mentioned productive engagements with the Central Bank of Nigeria (CBN), which led to the formation of a Technical Committee, including representatives from FMBN, CBN, and NiDCOM.
"The CBN is highly supportive of this product and is exploring additional possibilities beyond our current plans," Osidi explained, requesting that NiDCOM nominate two members to join the Technical Committee.
Osidi also commended NiDCOM for the exceptional organization of the National Diaspora Day 2024, acknowledging that the event far exceeded his expectations and reflected the capacity of Hon. Dabiri-Erewa and her team.
In response, the NiDCOM Chairperson expressed her strong confidence in the Diaspora Mortgage Loan Product, highlighting its potential to significantly benefit the Nigerian economy. She thanked the FMBN for its cooperation and progress, adding that the product will be a source of national pride due to its positive economic impact.
Dabiri-Erewa also presented NiDCOM’s nominees for the Technical Committee and confirmed that the Memorandum of Understanding (MOU) between FMBN and NiDCOM was ready for legal review and signing. She urged for the swift finalization and launch of the product, expressing enthusiasm for the collaboration with FMBN. “We look forward to a remarkable product and a strong partnership with FMBN,” she concluded.