Kingsley U N Chikwendu —
The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr Madu Hamman said the Cooperative Housing Development Loan (CHDL) of the bank provided construction funding for cooperatives registered under National Housing Fund (NHF).
He disclosed this at the 6th Cooperative Financing Agency of Nigeria (CFAN) Summit in Abuja, a two day event, yesterday.
Represented by his Special Assistant, Mr Dominic Agabi, Hamman said the bank had extended its cooperative loan window to the informal sector.
While revealing that the extension was to enable every citizen to have equal access to both construction and off take financing, Hamman said the loan was disbursed to cooperative societies at an interest rate of 9.5 per cent.
Hamman who gave supporting ground to CFAN’s appeal for housing to be included as one of the financial inclusion strategy, said it would help more cooperators access housing loans.