Green Mortgage introduces online platform to streamline home financing in Nigeria

Green Mortgage has officially launched Nigeria’s first fully online mortgage processing and approval platform. The platform aims to improve access to home financing and simplify mortgage applications.

Imelda Usoro Olaoye, Co-founder and Chief Business Officer of Green Mortgage stated that the platform was developed to address challenges faced by borrowers. She highlighted issues such as cumbersome paperwork, unclear interest rates, and prolonged processing times.

“With Green Mortgage, we have combined LOS and Documentation processes into one streamlined system, improving the entire mortgage journey for both borrowers and originators. The mortgage industry has long struggled with disjointed systems that complicate loan processing, making home financing a frustrating experience. Green Mortgage is here to change that,” Olaoye said.

Olaoye, also the Founder and CEO of Thinkmint Nigeria, stated that her experience in the real estate sector informed the development of Green Mortgage. She emphasised the need for a digital approach to mortgage processing, making applications more transparent and efficient.

The launch follows a successful beta phase with over 20 mortgage companies and the Family Homes Funds. The platform integrates Loan Origination Systems (LOS) and Documentation Systems into a single interface, reducing inefficiencies in Nigeria’s mortgage sector.

Noah Ibrahim, Co-founder and Chief Strategy Officer, described the launch as an intervention in Nigeria’s housing sector. He noted the challenges borrowers face in securing loans and the impact on developers due to financing delays.

“I have never been as excited about a product as I am about Green Mortgage. For years, the mortgage industry has relied on outdated, disconnected systems that require professionals to juggle multiple tools just to manage a single loan. This inefficiency drives up costs and creates unnecessary delays for both lenders and borrowers. Green Mortgage changes the game by automating complex processes, reducing costs for originators, and ultimately providing a better experience for consumers,” Ibrahim stated.

Green Mortgage offers borrowers competitive interest rates, flexible repayment plans, and faster approval times. The platform also provides access to exclusive partnerships with real estate companies to enhance affordability.

Following two successful investor pitches in October 2024, Green Mortgage secured $100,000 in pre-seed funding. The funding will support the platform’s expansion and further automation of mortgage origination processes in Nigeria.