Wema Bank Plc wants to help thousands of Nigerian households as well as real estate players access housing. With this in mind, the Shelter-Afrique Board of Directors approved on Friday, June 11, a line of credit worth USD 9 million for a home loan to the Lagos-based bank.
This credit facility (7-year maturity) will be used for subsequent loans to developers and home buyers who wish to purchase individual units on the basis of an owner-occupant and mortgage program assisted by employees.
It will also be used to create mortgage loans for the purchase of affordable housing valued between 16 million Naira (US $ 40,000) and 32 million Naira (US $ 80,000), for completion, the improvement or extension of housing.
“Sealing the deal was a positive step in addressing Nigeria’s housing shortage,” Shelter-Afrique Group Managing Director Andrew Chimphondah said. The official added that: “Nigeria faces a housing shortage estimated at over 20 million units and Shelter-Afrique is working closely with the relevant authorities to help resolve this shortage through government initiatives and from the private sector. The extension of the US $ 9 million facility to Wema Bank reaffirms our commitment to providing affordable housing solutions to the citizens of Nigeria. ”
For his part, the Managing Director of Wema Bank Plc, Ademola Adebise, declared that this line of credit would consolidate the long partnership between the two institutions.
“Wema Bank has enjoyed an excellent working relationship with Shelter-Afrique since 2014, when the Bank signed the first line of credit worth US $ 10 million. We are happy to partner again with Shelter Afrique and look forward to a longer term relationship, ”he added.
Founded in 1945, Wema Bank is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks.