A Memorandum of Understanding has been signed by the Ministry of Finance Incorporated (MOFI), Family Homes Funds Limited (FHFL), and ARM Investment Managers (ARM) to facilitate easier mortgage terms for Federal civil servants in Nigeria through the MOFI Real Estate Investment Fund (MREIF).
During the event in Abuja, Dr. Armstrong Takang, the Managing Director/CEO of MOFI, pointed out that the agreement’s objective aligns with MREIF’s central aim: to broaden housing access for Nigerians on a large scale using a trustworthy and innovative financing model with single-digit interest rates.
The interest rate reduction strategy includes blending funding sources with varying cost of capital, allowing loans to be delivered at significantly reduced interest rates. FHFL’s access to a funding line from the African Development Bank (AfDB) will play a vital cost-lowering role here,” the MD explained.
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