• The Central Bank of Nigeria (CBN) list of 43 banks that have been approved to offer mortgage loans to Nigerians has been revealed
• The list includes two banks owned by the Nigerian Police Force (NPF) and the First Bank of Nigeria (FBN).
• The banks approved are there to help in increasing Nigerians’ access to mortgage finance to become landlords 

The Nigerian Deposit Insurance Corporation (NDIC) has released the Central Bank of Nigeria’s (CBN) list of 43 mortgage banks approved to assist Nigerians in becoming landlords.

The mortgage bank’s primary business is expected to facilitate the purchase, renovation, and construction of residential and commercial properties across the country.

CBN instructions for mortgage banks CBN has guidelines that clearly show permissible and non-permissible activities for mortgage banks.

Based on CBN guidelines, Primary mortgage banking business involves:

• Granting loans directly to customers for acquiring, renovating, or building real estate properties.
• Approved institutions have the authority to engage in various activities related to mortgage finance, including:
• Real estate construction finance within permissible limits.

Permissible activities for primary mortgage banks include:

• Accepting savings, demand and time/term deposits.
• Drawing from mortgage funds (e.g., National Housing Fund) for on-lending purposes.
• Providing financial advisory services to mortgage customers.
• Granting mortgage and housing-related consumer loans.
• Enhancements for residential mortgages, such as furniture, home appliances, and generators (capped at a maximum of 10% of total loans).

Approved institutions are permitted to engage in the following activities, subject to approval from the CBN:

• Financing rent-to-own properties.
• Providing home improvement loans. Incremental housing finance.
• Other activities approved by the CBN from time to time.
• Primary mortgage banks are explicitly not allowed to:
• Grant consumer or commercial loans (except for specified housing-related consumer loans).
• Provide foreign currency denominated mortgage loans to customers.
• Engage in leasing, estate agency or facilities/project management, and real estate development.

CBN further divided mortgage banks into two groups State Primary Mortgage Banks (Regional PMBs) and National Primary Mortgage Banks (National PMBs).

States mortgage banks can operate within a single state or the Federal Capital Territory (FCT).

While, nationals are permitted to conduct business operations in more than one state, including the FCT.

Here is a full list of CBN-approved mortgaged banks in Nigeria with customers deposits insured by NDIC

1. Abbey Mortgage Bank Plc
2. Platinum Mortgage Bank
3. Mayfresh Mortgage Bank
4. Jubilee-Life Mortgage Bank
5. Aso Savings & Loans Plc
6. Trust Bond Mortgage Bank
7. SunTrust Mortgage Bank Infinity
8. Trust Mortgage Bank Plc
9. Haggai Mortgage Bank
10. Imperial Mortgage Bank
11. Nigeria Police Mortgage Bank
12. FOKAS Savings & Loans Centage
13. Savings & Loans Resort
14. Savings & Loans Skyfield
15. Savings and Loans
16. FHA Homes Limited
17. FBN Mortgages Ltd
18. STB Building Society
19. Omoluabi (Living Spring)
20. Savings & Loans First Generation Homes
21. Global Trust Savings & Loans
22. AG Homes Savings & Loans
23. Kebbi State Homes
24. S & L Mutual Alliance Savings & Loans
25. Lagos Building and Invest. Co.
26. Refuge Home S & L
27. Safe Trust Savings & Loans
28. Delta Mortgage Finance
29. New Prudential Building Society
30. Home-Base Mortgage
31. Accord Savings & Loans
32. Adamawa Savings & Loans
33. Trans-Atlantic Mortgages Limited
34. Akwa Savings & Loans
35. Gateway Savings & Loans
36. United/Spring Mortgage
37. Kogi State Savings & Loans
38. Jigawa Savings & Loans
39. City-Code Savings & Loans
40. Taraba State Savings & Loans
41. MGSL Mortgage Bank
42. AHCOL Savings & Loans
43. Coop Savings and Loans