AG Mortgage Bank

What AG Mortgage Bank does

AG Mortgage Bank Plc is a Nigerian Primary Mortgage Institution (PMI) licensed by the Central Bank of Nigeria and accredited by the Federal Mortgage Bank of Nigeria as a National Housing Fund (NHF) window. Incorporated on 21 July 2004 and in full operation since 31 January 2005, the bank provides mortgage, savings, current account, and investment products targeting retail customers, low-income earners, NHF contributors, real estate developers, schools, and churches. Its core mortgage products include NHF loans (up to N15 million, 30-year tenor), LEAP INTO MORTGAGE (N100,000–N1 million, 5-year tenor for low-income earners and cooperatives), ACADA (school-targeted fee collection and up to N5 million infrastructure loans), TENANT OWNERSHIP MORTGAGE, and savings vehicles spanning FLEXI, FAMSA (Bronze/Silver/Gold), VISA, SAVE-4-IT, ASSETBIN, and MORTGAGE FOCUS DEPOSITS.

The bank operates a digital banking platform comprising iOS/Android mobile applications, a website with instant account opening for individual and corporate accounts, an online mortgage calculator, and a self-service BVN/NIN linking portal compliant with CBN circular PSM/DIR/PUB/CIR/001/053. Distribution spans six physical branches across Lagos (Ikeja headquarters, Festac, Surulere), Abuja, Enugu, and Aba, supplemented by a three-region executive structure (North, East, West), a Property Mart platform for developer partnerships, and community outreach through financial literacy seminars, Coal City Football Club sponsorship, and an ES-TIW women's empowerment initiative.

AG Mortgage Bank generates revenue primarily through net interest income on its mortgage and savings portfolio, spread on deposits, fees from NHF origination advisory, ACADA fee domiciliation, and investment management income on ASSETBIN. The Assemblies of God Church Nigeria — with approximately 3 million members and 16,000+ pastors — serves as strategic investor, deposit source, and community distribution channel. The bank reported an asset base of over N21 billion and is operating under Project Momentum 2025-2030, which targets one million mortgages originated and a 20% return on equity.

Name

AG Mortgage Bank

Legal name

AG Mortgage Bank Plc.

Website

https://agmortgagebankplc.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

101–250 employees

Short description

AG Mortgage Bank Plc is a Nigerian Central Bank-licensed Primary Mortgage Institution, accredited as an NHF window, offering mortgage, savings, and investment products to retail, low-income, NHF contributors, developers, and schools through six branches, mobile and web channels, and the Assemblies of God Church network.

Ownership category

akta.pro rank

Product category

Mortgage Banking

NAICS

Credit Intermediation and Related Activities (522), Depository Credit Intermediation (5221)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Balance-Sheet / Portfolio CRE Lending (FSALADAG)

Keywords

• Primary mortgage banking
• Mortgage lending services
• Savings accounts
• Housing finance
• Investment products

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Mortgage Lending: Interest income from mortgage loans including NHF loans (up to 30 years tenor, max ₦15 million), Leap Into Mortgage (₦100,000 to ₦1,000,000), and other mortgage products. Revenue generated through interest rates on loan portfolios.
2. Savings and Current Accounts: Interest-bearing savings accounts including FLEXI current accounts (min ₦10,000 initial deposit), SAVE-4-IT (min ₦5,000), FAMSA accounts (min ₦10,000-₦50,000), and VISA investment accounts. Revenue from spread and account maintenance fees.
3. ASSETBIN Investment Product: Short to medium term investment product with attractive interest rates. Five year tenor renewable annually, asset-backed investment with quarterly interest payment and option to re-invest. Revenue from investment management fees and spread.
4. NHF Window Operations: Accredited window through which customers access the National Housing Fund. Advisory and processing services for NHF mortgage applications with top-up facilities.
5. ACADA School Financial Services: Fee domiciliation/collection services for schools, school infrastructure support loans up to ₦5 million, classroom renovation support, and contributory group mortgage scheme for teachers.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

AG Mortgage Bank Plc is a Nigerian Primary Mortgage Institution that provides mortgage loans (NHF loans up to N15 million for 30 years, Leap Into Mortgage from N100,000 to N1 million, ACADA for teachers, and Tenant Ownership Mortgage), savings and current accounts (FAMSA tiered savings, VISA, SAVE-4-IT, FLEXI, Kiddies, Regular Savings, Mortgage Focus Deposits), and investment products (ASSETBIN). It serves individual consumers, low-income earners, teachers, cooperative societies, churches, and real estate developers through branch banking, mobile apps, online portals, and NHF advisory services.

Product overview

AG Mortgage Bank offers a comprehensive suite of mortgage, savings, and investment products through its digital banking platform. The product portfolio centers on mortgage offerings (NHF, LEAP INTO MORTGAGE, TENANT OWNERSHIP MORTGAGE, ACADA) designed to enable homeownership across income segments, complemented by various savings products (FAMSA, VISA, SAVE-4-IT, REGULAR SAVINGS, MORTGAGE FOCUS DEPOSITS, KIDDIES ACCOUNT) and investment products (ASSETBIN). The bank also provides transaction services (FLEXI current account, AG-SPRINT) and leverages mobile applications for 24/7 banking access. The products span individual retail banking, mortgage lending, and financial inclusion initiatives for low-income earners.

Differentiator

Problem solved

Functional benefit

Products and services

• LEAP INTO MORTGAGE An affordable mortgage product for low-income employees and registered cooperative society members to access homeownership. Loan amounts range from N100,000 to N1,000,000 on a revolving basis over a 5-year tenor, with a mortgage lien as collateral and flexible payment terms structured to fit borrower cashflow projections.
• NHF (National Housing Fund) Mortgage An NHF-subsidized mortgage product for registered contributors to the National Housing Fund seeking home purchase, improvement, or renovation financing. Maximum loan of N15 million, tenor up to 30 years, no equity contribution for loans up to N5 million and 10% for loans above N5 million up to N15 million.
• ACADA School Financial Services A mortgage and financial services package for teachers and schools, offering fee collection/domiciliation, school infrastructure support loans up to N5 million, classroom renovation support, and a contributory group mortgage scheme for teachers.
• TENANT OWNERSHIP MORTGAGE A rent-to-own mortgage product that enables tenants to eventually own property through convenient, affordable, and achievable payment terms.
• FLEXI Current Account A flexible current account for everyday transactions with a minimum initial deposit of N10,000. Features include concessional COT rates, personalized cheque books, exemption from VAT charges, third-party cash withdrawals from all AGMB locations and correspondent banks, and access to credit/bridging loan facilities.
• SAVE-4-IT A pocket-friendly savings product for low-income earners with a minimum initial deposit of N5,000 and an attractive interest rate of 3% above the standard savings account rate. Includes quarterly statements, third-party withdrawal privileges, and deposit access through correspondent banks nationwide. Targeted at traders, self-employed persons, cooperative societies, churches, associations, workers, and students.
• FAMSA Savings A high-interest savings account offering attractive and scalable interest rates not below 5%, available in three tiers: FAMSA Gold (N50,000 minimum), FAMSA Silver (N25,000 minimum), and FAMSA Bronze (N10,000 minimum). Includes NDIC insurance, regular monthly savings for 1 year, and automatic qualification for the AGMB-sponsored Big Family Dream game show.
• VISA Investment Account A savings and investment account with a 360-day tenor and rollover option, offering attractive and predictable returns not below 5%. Available in three tiers: Visa Premium (N5,000 minimum), Visa Standard (N3,000 minimum), and Visa Kiddies (N1,000 minimum). Allows monthly deposits and cheque lodgements up to N2 million maximum.
• ASSETBIN Investment Product A short to medium term investment product with attractive interest rates for individual and institutional investors. Features a five-year tenor renewable annually, asset-backed investment security, quarterly interest payment, and an option to re-invest.
• REGULAR SAVINGS A regular savings account for accumulating capital and earning interest, suitable for various customer segments across AG Mortgage Bank's retail base.
• MORTGAGE FOCUS DEPOSITS A targeted savings account designed to help customers accumulate funds specifically earmarked for mortgage down payments and home purchase purposes.
• AG-SPRINT Payment Collection Service A payment collection service offering efficient fund collection from customers and timely information on incoming payments for business operations, primarily used by schools for fee domiciliation.
• KIDDIES ACCOUNT A children's savings account designed as one of the best gifts for children to start their savings journey and build early financial habits.

Quantifiable outcome

• Asset base exceeding N21 billion
• +3 more outcomes

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Assemblies of God Church NigeriacoreStrategic or Co-development Partner · 1 January 2025Strategic investor in AG Mortgage Bank Plc. Church has approximately 3 million members, 16,000+ pastors, numerous churches, schools, university, and other institutions. Pioneer Dr. Anthony Ewelike and Mr. Ngozi Anyogu established the bank with the church as strategic investor. Church networks used for community outreach and financial literacy programs.
• DeloittecoreImplementation/ SI/ Consulting PartnerProfessional services firm providing audit and consulting services. Logo displayed as partner in 20th anniversary celebrations.
• EY (Ernst & Young)coreImplementation/ SI/ Consulting PartnerProfessional services firm. Logo displayed as partner in 20th anniversary celebrations.
• Federal Mortgage Bank of Nigeria (FMBN)coreStrategic or Co-development PartnerPrimary regulatory and partner institution for primary mortgage institutions. AG Mortgage Bank is accredited as a window through which customers can access the National Housing Fund. FMBN logo displayed as partner.
• Real Estate Developers Association of Nigeria (REDAN)coreStrategic or Co-development PartnerIndustry association for real estate developers. Board member Rev. (Surv) Ugochukwu O. Chime was South East Zonal Coordinator of REDAN from 2002-2009. REDAN Capital Ltd associated with the bank.
• Family Homes Funds LtdcoreStrategic or Co-development PartnerHousing finance institution. MD/CEO Mr. Olufemi Adewole previously served as Managing Director of Family Homes Funds Ltd Abuja. Logo displayed as partner.
• Coal City Football ClubminorStrategic or Co-development PartnerSole sponsor of Coal City Football Club. Sponsorship emphasizes commitment to youth development through sports. Club recently won a prestigious trophy.
• Life Support FoundationminorStrategic or Co-development PartnerHealthcare partner for 'Put a Smile Project for Women'. Collaboration provided health checks, medications, and financial literacy training to 500 women in December 2024.
• Nigerian Educational Institutions (8 Schools)minorStrategic or Co-development PartnerPartnership with eight schools to sponsor tech boot camps and provide financial literacy training for students, equipping them with skills for the future.
• National Housing Fund (NHF)coreStrategic or Co-development PartnerGovernment housing fund scheme. AG Mortgage Bank is accredited by CBN and FMBN as a window through which customers can access NHF for home purchase, improvement, or renovation loans.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Others

• Crown Capital Mortgage Bank: Other Nigerian primary mortgage institution operating in mortgage origination across West Africa; adjacent thematic comparable as part of the broader Nigerian PMI ecosystem.

Broad incumbents

• Federal Mortgage Bank of Nigeria (FMBN): Apex government mortgage finance institution that administers the National Housing Fund and accredits primary mortgage banks like AG Mortgage Bank; broader incumbent that shapes the regulatory and funding environment in which AG Mortgage Bank competes.

Regional players

• Jaiz Bank Plc: Nigerian non-interest retail bank with growing mortgage and housing finance offerings alongside ethical-banking positioning; comparable as a regional / emerging Nigerian player targeting inclusive retail and SME segments with housing-related products similar to AG Mortgage Bank's inclusive mission.

Direct peers

• Aso Savings and Loans PLC: Nigerian mortgage and savings institution providing retail savings, mortgage finance, and cooperative lending; comparable as AG Mortgage Bank's Regional Executive (East) previously held a Relationship Officer role there, suggesting similar product mix and retail mortgage focus.
• Family Homes Funds Ltd: Nigerian social housing finance vehicle supporting affordable homeownership through partnerships with PMIs; closely comparable as AG Mortgage Bank's MD/CEO previously led Family Homes Funds and the two entities retain an active strategic partnership for housing finance delivery.
• Union Homes Savings & Loans: Nigerian primary mortgage institution focused on residential mortgage origination and savings products; comparable as AG Mortgage Bank's AG Support Group lead previously served in various positions including Regional Executive West at Union Homes, indicating similar mortgage-bank operating model and customer segments.
• Sun Trust Savings and Loans Limited: Nigerian savings-and-loans institution offering mortgage finance and deposit products; comparable as AG Mortgage Bank's ED/COO previously rose to Head of Mortgage Banking Group at Sun Trust, indicating overlapping product focus and customer base in Nigerian mortgage lending.
• Resort Savings and Loans PLC: Nigerian savings-and-loans institution with mortgage products and similar depositor base; comparable as AG Mortgage Bank's ED/COO previously served as Business Development Manager, indicating shared product design and customer-segment focus in the Nigerian mortgage market.
• Imperial Homes Mortgage Bank Ltd: Nigerian primary mortgage bank with overlapping mortgage origination, savings, and NHF-related products; directly comparable as AG Mortgage Bank's ED/COO previously led Imperial Homes' North Region and the bank's current Business Development head was Unit Head of Commercial Mortgage/NHF there.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/agmbplc
• LinkedInlinkedin.com/company/agmortgagebankplc
• Facebookfacebook.com/agmortgagebankplc

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AG Mortgage Bank