The Federal Mortgage Bank of Nigeria (FMBN) says it plans to introduce a non-interest mortgage product and a rent assistance product before the end of October 2026, as part of efforts to widen access to affordable housing finance.
FMBN Managing Director and Chief Executive Officer Shehu Osidi made the announcement on Monday in Abuja, at the commemoration of World Habitat Day and World Cities Day organised by the Federal Ministry of Housing and Urban Development.
He said the non-interest mortgage is designed for National Housing Fund (NHF) contributors who prefer ethical financing options. The rent assistance product, he said, is meant to ease rental burdens for federal civil servants and provide a pathway towards eventual homeownership.
Details such as eligibility, repayment terms, the size of the rent assistance and the number of expected beneficiaries were not disclosed at the event.
Osidi also gave an update on the bank’s recent performance. He said FMBN approved more than N208 billion in housing and mortgage loans in 2025. The bank financed 6,911 housing units that year, compared with 2,165 in 2024. The loans supported construction, mortgage financing, home renovation, cooperative housing and Rent-to-Own initiatives.
He also confirmed the formal launch of the Diaspora NHF Mortgage Loan. Eligible contributors abroad can access up to N100 million at 9% annual interest, repayable over a maximum of 10 years. The loan was launched in London on August 7, 2026.
Similar timelines were announced in 2025, when Osidi said a rollout would begin that August, but the products had not launched as of Monday’s event.
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