Diaspora Nigerians Rush to Access MOFI-Backed Mortgage Loans for Affordable Homeownership
Story: written by Springnewsng September 4,2025
Lagos, Nigeria – Nigerians in the diaspora are increasingly tapping into the state-backed but private sector-driven Ministry of Finance Incorporated (MOFI) Real Estate Fund (MREIF), joining local home seekers and developers in leveraging the new mortgage loan scheme to secure affordable housing.
The MREIF was established to address Nigeria’s housing deficit by tackling both supply and demand challenges. The facility is open to employees, self-employed Nigerians, and those in the diaspora, offering a maximum loan amount of ₦100 million, at 12 percent interest rate over 20 years, with an equity contribution of 20 percent.
Diaspora Adoption Surges
Among the leading banks driving the scheme is Stanbic IBTC Bank, known for its flexible mortgage and credit offerings. Others include Homebase Mortgage Bank, Imperial Homes Mortgage Bank, and Infinity Trust Mortgage Bank.
Deji Okunbo, a Nigerian based in the UK, shared on X (formerly Twitter) how he accessed the facility, describing it as “easy to use” and encouraging others abroad to follow suit. He revealed that Nigerians across Europe and the United States are already leveraging the fund, with more showing interest.
Femi Johnson, Founder and former CEO of Homebase Mortgage Bank, confirmed the trend, noting that diaspora Nigerians are showing unprecedented interest. “For the first time, they can access mortgages in Nigeria at rates and speed similar to what they are used to abroad,” he explained.
Johnson, who also served as President of the Mortgage Banking Association of Nigeria (MBAN), disclosed that demand is strongest from Nigerians in the US, UK, and Canada, largely due to Homebase’s aggressive physical and online marketing campaigns in these regions. He highlighted that church groups, work associations, and investment clubs are collectively applying for mortgages through the scheme.
Banks Adjust Terms to Attract Diaspora
Stanbic IBTC has gone further by reducing interest rates to 9.75 percent per annum—below the fund’s 12 percent benchmark—and slashing the equity contribution to 10 percent, making the facility more attractive.
For eligibility, Stanbic requires a minimum monthly salary of ₦500,000 (or equivalent for diaspora Nigerians), while self-employed applicants must have an annual turnover of at least ₦100 million.
With targeted outreach across Instagram, Facebook, LinkedIn, YouTube, TikTok, and X, as well as Zoom presentations, mortgage banks are positioning the MREIF as a game-changer for Nigerians abroad seeking affordable and reliable paths to homeownership.
Industry stakeholders say the surge in diaspora participation could help unlock much-needed liquidity in Nigeria’s housing sector while giving Nigerians abroad the chance to own property at competitive rates.
