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NIGERIA: NHF collections hit N1.3bn

Managing Director, FMBN,. Ya’u KumoFederal Mortgage Bank of Nigeria (FMBN) recorded an improvement in the collection of the statutory 2.5 percent deductions under the National Housing Fund (NHF) scheme last yearfrom N950 million to about N1.3 billion monthly.

Managing Director, FMBN,. Ya’u Kumo,said that refunds to contributors by the bank also increased from N70 million previously to N1.5 billion.

He added that the apex mortgage bank willsoon complete the computerisation of its operations to make it easier for over 3.7 customers to access its products and services. According to him,the process has become necessary to conform to globally accepted standards and also serves the bank’s customers better.

“When we came in, we saw that the entire operations were being done manually and we reasoned that there was no way we could carry out effective and efficient banking operations if we continued to operate manually. That led us to award some contracts that will entail computerisation of our entire banking operations and in doing that, the operations of the bank is now easier and customers have better services,” Kumo said.

On status of loan facility granted to Estate Developers and the Primary Mortgage Bank(PMB), he said the bank recorded tremendous improvement.

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