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AfricaBusiness & FinanceNigeria

ITMB partners DBN to grant N2.7b credit facility to customers

By Oluwaseun Sonde

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The Managing Director/Chief Executive Officer of Infinity Trust Mortgage Bank (ITMB), Mr Olabanjo Obaleye has revealed his bank partnership with the Development Bank of Nigeria (DBN) to grant access of N2.7 billion credit facility for on-lending to its customers.

In a statement released by the bank recently, the Managing Director explained that the partnership was one of the key strategic drives of the bank to expand its product offerings to those in the MSMEs sector as its constitute over 90 per cent of enterprises in the country.

He noted that Shelter is one of the basic human needs, that is why the bank is passionate about providing needed mortgage loan to deserving Nigerians particularly those in the MSMEs sector to purchase properties. “The partnership help the bank to reach more customers that are self-employed as well as micro, small and medium enterprises that want to purchase commercial properties like shops and offices.

“This will further broaden the mortgage penetration depth in the Nigerian market, as we speak we have simplified our processes in such a way that a mortgage loan can be disbursed within three days to an individual, giving that the applicant meets all the mandatory requirements”, he said.

He added that this would also improve financial inclusion for mortgage products, one of its key goals. “We have streamlined our processes and incorporate the use of technology which has made the disbursement of loan to individuals so fast, making us the leading primary mortgage bank in Nigeria which is reflected in our financial results.”

He therefore, appealed to those in the MSMEs sector and small corporates who are interested in accessing mortgage loans to build and purchase a residential or commercial property to visit any of its office locations for thorough guidance and necessary approval.


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