The Federal Mortgage Bank of Nigeria (FMBN) has launched a non-interest mortgage product to expand access to housing finance and provide eligible National Housing Fund (NHF) contributors with an alternative pathway to homeownership.
The product, known as Ijarah Muntahia Bittamleek (Lease-to-Own), was launched in Kano by the Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, PhD.
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As part of the exercise, the Bank commissioned the FMBN-Ijarah-01 Estate in Bichi, Kano State, and handed over keys to the first beneficiaries of the pilot scheme.
The initiative is designed to provide an alternative to conventional interest-based mortgage financing and broaden housing opportunities for eligible Nigerians.
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Speaking at the launch, the Minister challenged the Bank to ensure that the initiative translates into tangible homeownership outcomes, stressing that its success would be measured by the number of Nigerians who eventually own homes through the scheme.
The Managing Director and Chief Executive of FMBN, Shehu Usman Osidi, described the initiative as a deliberate effort to make homeownership more accessible and inclusive.
He said the Bank remained focused on ensuring that its housing finance interventions deliver practical benefits to Nigerian families.
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The non-interest mortgage product is open to eligible NHF contributors across the country, irrespective of their religious affiliation or geographical location.
The initiative is expected to expand housing finance options and create additional opportunities for Nigerians seeking to own homes through the National Housing Fund.