Sterling Bank has partnered with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to expand access to affordable housing finance, with Nigerians now able to access mortgage loans of up to N100 million to purchase residential properties.
The partnership was formalised through the signing of a Memorandum of Understanding at Sterling Bank's headquarters in Lagos recently.
Vice President of Consumer Banking at Sterling Bank, David Adebayo, signed the agreement on behalf of the bank, while Executive Director of ARM Investment Managers, Mr. Mounir Bouba, signed on behalf of ARM, the fund managers of MREIF.
Under the arrangement, eligible Nigerians will be able to access mortgage loans at a fixed interest rate of about 9.75 per cent per annum, with repayment periods of up to 20 years.
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The facility can finance up to 90 per cent of the value of a residential property, while applicants are required to provide a minimum equity contribution of 10 per cent.
The programme is open to salary earners with verifiable income, business owners with documented financial records, Nigerians living in the diaspora, as well as new and existing Sterling Bank customers across the country.
Speaking during the signing, Adebayo said the collaboration reflects the bank's commitment to expanding financial inclusion and addressing barriers that have made homeownership difficult for many Nigerians.
"This collaboration reflects our commitment to providing patient capital that enables more Nigerians to own homes sustainably," he said.
He added that the structure of the facility, which combines competitive pricing with longer repayment periods, is designed to make mortgage financing more accessible.
Bouba said the partnership highlights the role of collaboration between the public and private sectors in addressing Nigeria's housing deficit.
"This MoU aligns with broader efforts to make mortgages more affordable and accessible at scale," he said.
"Through strategic partnerships such as this, we can catalyse private capital, deepen the mortgage market and drive structured solutions to Nigeria's housing challenge."
Bouba disclosed that MREIF has made an initial commitment of ₦10 billion to support the programme and noted that the fund is expected to grow as demand increases.
According to him, additional funding will be made available as uptake expands, which could enable Sterling Bank to extend more housing loans to Nigerians seeking to own homes.
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