Tuesday, October 7, 2025
24.5 C
Lagos

Stanbic IBTC Bank Named by PenCom for Funding of RSA-Backed Mortgage

 

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has been named as one of the banks to process Retirement Savings Account (RSA) backed mortgages by the National Pension Commission (PenCom).

The RSA Backed mortgage initiative of the Pension Commission allows contributors to use up to 25% of their contribution as equity to purchase a home in their chosen area. This is barely two years after the commission launched the transfer window initiative.

In seeking opportunities to help contributors get more value from their contribution ahead of their retirement, the commission has partnered with Financial Institutions such as Stanbic IBTC Bank to make funds available to verified contributors to buy homes while using part of their RSA balance as equity contribution.

Stanbic IBTC has reaffirmed its commitment to the growth of Nigeria’s real estate sector in alleviating the housing challenge in the urban and sub-urban regions of the country; with the commencement of the validation process for RSA holders who have shown interest in the home loan.

Speaking on the collaboration, Olu Delano, Head, Consumer, and High Networth Clients, Stanbic IBTC Bank, stated that this opportunity aligns with the bank’s strategic focus of enabling all Nigerians to Live a Better Life and making dreams possible for clients. In this case, the vision is accomplished by providing affordable loan solutions to meet housing needs and supporting pension contributors in extracting value from their contributions before retirement.

He said: “Housing is one of the basic human needs, and in Nigeria, home ownership is a real challenge for many individuals and families. Therefore, Stanbic IBTC is supporting PenCom to help bridge the accessibility gap.”

“We want to provide affordable loan solutions for our customers and Nigerians to meet their basic and business needs, one of which is housing for residential and business use”, he added.

Stanbic IBTC remains laser-focused on delivering value to its numerous customers, and the RSA Backed mortgage is just one of the ways the organisation is living up to its commitment.

spot_img
spot_img
spot_img

Hot this week

Ecobank Nigeria Launches Upgraded Mobile App for Faster, Smarter Banking Experience

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Ortom, NOA DG, Others to Feature as Panelists at GOCOP 2025 Conference

The Guild of Corporate Online Publishers (GOCOP) has announced...

AIICO Celebrates Retiring Employees: Honouring Decades of Service with Gratitude

Left - right: Adeleke Adeshina (rtd), Lanre Oladehinde (rtd.),...

Nigeria’s Banking Woes: How One South African Bank Outvalues an Entire Industry

It is a sobering reality that one South African...

Topics

MTN, Ecobank to Deepen Financial Inclusion Across Africa

The MTN Group and Ecobank Transnational Incorporated (ETI) have...

elev8 Joins AWS Program to Develop, Transform Cloud Tech Sector in Africa

elev8 education, a leading global digital skilling and transformative...

NCDMB, Renaissance Energy Partner on Local Content Dev

L-R:  Managing Director and Chief Executive Officer Renaissance Africa...

Chain Reactions Africa Names Franklin Ozekhome as Executive VP, Strategy & Innovation

As part of its digital transformation programme, Chain Reactions...

PenCom: Pension Assets Now N18tn as Retirees Reap N3tn Benefits Since 2004

The National Pension Commission (PenCom) says pension assets under...

Business Journal Unveils Official Invite for Public Presentation Event

Business Journal has unveiled the official invite for the...

NPA’S New Spokesman, Nduonofit, Assumes Office

The newly appointed General Manager Public Affairs of the...

Why N300m Insurance Rebranding Project Failed

The N300 million insurance rebranding project designed to redress...
spot_img

Related Articles

Popular Categories

spot_imgspot_img