FMBN launches N100m diaspora mortgage scheme

The Federal Mortgage Bank of Nigeria has officially launched its Diaspora National Housing Fund Mortgage Loan in London, opening a new pathway for Nigerians living abroad to contribute to the NHF and access financing to own homes in Nigeria.

The initiative, launched in partnership with BudPay as the exclusive payment partner, is designed to make housing finance more accessible to eligible Nigerians in the diaspora while addressing some of the challenges that have discouraged overseas Nigerians from investing in property back home.

Under the scheme, eligible Nigerians living abroad can access mortgage financing of up to N100m at an interest rate of nine per cent, with repayment terms of up to 10 years. The application process is designed to be completed online, including registration, Know Your Customer verification and mortgage application, eliminating the need for applicants to travel to Nigeria to begin the process.

The scheme is also intended to strengthen confidence in diaspora property investment by providing a structured financing framework through a government-backed institution.

Speaking at the launch, the Minister of Housing and Urban Development, Muttaqha Darma, was represented by the Minister of State for Housing and Urban Development, Yusuf Ata.

Ata described the initiative as a significant step towards deepening the relationship between Nigeria and its citizens abroad while creating new opportunities for diaspora participation in the country’s housing sector. He noted that many Nigerians living outside the country had long aspired to own homes in Nigeria but were often discouraged by fraudulent property transactions, abandoned projects, unreliable intermediaries and inadequate financing arrangements.

“The NHF Diaspora Mortgage Loan represents the Federal Government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing,” he stated.

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As the exclusive partner for the initiative, BudPay will provide the payment collection infrastructure supporting NHF contributions from Nigerians living abroad. The payment infrastructure is intended to provide diaspora contributors with a secure, enterprise-grade channel through which they can make their NHF payments digitally from wherever they live, supporting the long-term and recurring nature of contributions under the programme.

The Chief Executive Officer of BudPay, Dr. Collins Igwe, attended the official launch in London to mark the beginning of the company’s collaboration with FMBN. Igwe said the partnership demonstrates how BudPay’s payment infrastructure can be applied to address practical challenges faced by Nigerians living and working across borders.

“BudPay was built to move money reliably for governments, institutions, and businesses operating across borders, and this partnership puts that infrastructure to work for something deeply personal: helping Nigerians abroad own a home back home,” he said.

According to him, the initiative will make it easier for Nigerians abroad to maintain their NHF contributions without the delays and uncertainty often associated with sending money home.

“Contributors can now make their NHF payments from wherever they live, without the delays or uncertainty that have too often come with sending money home for property. This is exactly the kind of problem our infrastructure exists to solve,” Igwe added.

The launch in London brings together housing finance, government and private-sector stakeholders around a common objective of expanding access to housing finance for Nigerians outside the country. Through the diaspora mortgage scheme and its digital payment infrastructure, FMBN and BudPay are seeking to provide Nigerians abroad with a more transparent and structured route towards home ownership in Nigeria.