• Sunday, June 23, 2024
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ITMB gets N2.7bn from Development Bank of Nigeria to facilitate mortgages

Infinity Trust Mortgage Bank-builing

The recent onboarding of Infinity Trust Mortgage Bank PLC (ITMB) as a participating financial institution by the Development Bank of Nigeria (DBN) to access up to N2.7 billion for lending to its customers, is according to the company, an opportunity for individuals and MSMEs to secure properties needed for their businesses to grow.

Olabanjo Obaleye, MD/CEO, ITMB in a statement, described the new partnership with DBN as one of the strategic drives of the Bank to expand its product offerings to MSMEs particularly as they constitute over 90 percent of enterprises in the country. “It will help us reach many more customers that are self-employed and those in the MSME space that want to purchase commercial properties like shop and offices. This will also improve financial inclusion for mortgage products,” he said.

Obalaye described it as an opportunity for those in the MSME sector and small corporates interested in accessing mortgage loans to build and purchase residential or commercial properties, noting they could initiate this by visiting any of its office locations for guidance and necessary approval.

“Shelter is one of the basic human needs, this is why we are passionate about providing needed mortgage loan to deserving Nigerians particularly those in the MSMEs sector to purchase properties,” he said. “This will further broaden the mortgage penetration depth in the Nigerian market. He also explained that the Bank’s processes have been simplified such that a mortgage loan can be disbursed within three days to an individual, as long as the applicant meets all mandatory requirements.

He also stated that the bank’s processes have been streamlined and incorporate the use of technology, which has made the disbursement of loan to individuals fast, and making it the leading primary mortgage bank in Nigeria as reflected in its financial results.

The bank in the statement, said it has consistently maintained profitability over the years and operating resilience through strong regulatory entity and service ratings.