Gateway Mortgage Bank secures ₦2.2bn MOFI Fund to boost home ownership

Gateway Mortgage Bank Limited, a wholly-owned bank by the Ogun State Government has been approved as one of the partner banks to access the Real Estate Investment Fund of the Ministry of Finance Incorporated (MREIF). The fund is aimed at addressing Nigeria’s housing deficit and expanding mortgage access for home buyers.

The Acting Managing Director of Gateway Mortgage Bank Limited (GMB), Ronke Akinleye, disclosed that the bank has secured ₦2.2 billion under the initiative and has already commenced disbursement to qualified beneficiaries.

According to the bank, the fund is targeted at individuals seeking to finance their homes through structured mortgage arrangements, making homeownership more accessible and affordable for Nigerians including those in disapora.

Under the scheme, eligible homebuyers can access mortgage loans of up to ₦100 million at an interest rate of 9.75% per annum, with repayment periods of up to 20 years, subject to the borrower’s retirement age and income profile.

The bank added that applications remain open to interested applicants, noting that several beneficiaries have already begun accessing the facility.

To qualify for the MREIF mortgage loan, prospective homebuyers are required to make a minimum of 10% equity contribution, open an account with Gateway Mortgage Bank, and present properties with valid titles such as Certificates of Occupancy or Deeds of Assignment. Applicants must also demonstrate regular and verifiable income to support loan repayment.

Officials of the bank described the initiative as a significant step toward reducing Nigeria’s housing gap, improving access to long-term housing finance and stimulating the real estate sector.

They urged eligible Nigerians to take advantage of the opportunity, stressing that the programme aligns with broader efforts to promote affordable housing and economic growth.