Nigeria’s leading mortgage bank, Cooperative Mortgage Bank (CMB), has announced its unwavering commitment to the provision of quality and affordable houses to cooperative societies which have low-income earners as members.
The project, codenamed Group Save for Shelter, targets cooperative societies in every sector of the economy that is consistent with payments of as low as N2,000 for an initial period of one to three months.
In a chat with newsmen on Wednesday in Ibadan, the Managing Director/Chief Executive Officer of the bank, Musa Abubakar Yusuf, disclosed that it is time cooperative societies benefitted from the collective special housing initiative.
He said, ‘’As our name implies, we deal with cooperatives. We believe they are well structured and have some money in commercial banks which they have not fully utilised.
‘’We have been here for over 28 years and we’re currently in search of low and middle-income earners in these societies. We discovered these strata do not have access to acquiring properties dues to the unavailability of funds. Basically, we want to assist cooperators that can’t afford equity payment — which is a certain percentage of the total sum of a house.
‘’Group Save for Shelter encapsulates monthly contributions of as low as 2,000 per individual to enable them to make up their equity payment because most members of cooperative societies cannot afford even 10% equity.’’
Yusuf stated that after the initial one to three months’ payment to show the commitment of potential homeowners, construction commences and mortgage payments start after delivery of the edifice.
He, therefore, urged cooperative societies to embrace the project, adding that the bank is also on a mission to assist them to get government partnership and benefits.