Nigeria Mortgage Refinance Company

What Nigeria Mortgage Refinance Company does

Nigeria Mortgage Refinance Company (NMRC) is the only CBN-licensed mortgage liquidity facility in Nigeria, incorporated in 2013 and licensed to operate in February 2015. Modeled on the U.S. Fannie Mae / Freddie Mac concept, NMRC purchases qualifying mortgage loan portfolios from Primary Mortgage Banks (PMBs) and commercial banks, providing long-term liquidity that allows originators to free up balance sheet capacity and originate additional housing loans. The company operates an N440 billion FGN-guaranteed Medium Term Note Programme through which it issues bonds in the Nigerian capital markets; bond series to date include N8Bn (2015), N11Bn (2018), N10Bn (2020), and N11.5Bn (2026), backed by an irrevocable FGN guarantee of N100 billion. As of 2021, NMRC had refinanced approximately N20 billion in cumulative mortgage volume across more than 50 partner institutions. NMRC also generates investment income from sovereign bond holdings (~70% of interest income) and earns a spread between bond issuance costs and refinancing rates.

Beyond refinancing, NMRC sells market-development infrastructure: it promulgates uniform underwriting standards (segmented by income bracket and DTI limits of 33–50%) and advocates for state-level adoption of its Model Mortgage Foreclosure Law, partnered with Edo, Ekiti, Nasarawa, and Ogun States. Its technology stack includes the Mortgage Market System (HMS) for end-to-end loan management, the Housing Market Information Portal (HMIP) co-developed with NBS/CBN/FMBN/MBAN, the Electronic Mortgage Asset Registry (EMARS) for digital title registration, and Propvat.com, a blockchain-based property title authentication platform built with HouseAfrica.io. The company is regulated by the CBN as a non-deposit taking financial institution, overseen by the SEC for bond issuances, and substantially owned by the Federal Ministry of Finance and Nigeria Sovereign Investment Authority.

Name

Nigeria Mortgage Refinance Company

Legal name

Nigeria Mortgage Refinance Company

Website

https://nmrc.com.ng

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Nigeria Mortgage Refinance Company (NMRC) is a CBN-licensed mortgage liquidity facility that purchases mortgage portfolios from Nigerian banks and PMBs, funded by FGN-guaranteed bonds. It also develops standardized underwriting, foreclosure legislation, and digital housing-finance infrastructure to deepen Nigeria's primary mortgage market.

Ownership category

akta.pro rank

Product category

Mortgage Refinancing

NAICS

Nondepository Credit Intermediation (5222), Investment Banking and Securities Intermediation (523150), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Asset-Backed Securities (6189), Security Brokers, Dealers & Flotation Companies (6211), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Mortgage Refinance & Rate/Term Intermediation (FSAEAEAC)

akta.pro secondary industry

Private Placements (144A/Reg S/MTN) (FSACABAK)

Keywords

• Mortgage refinancing
• Mortgage liquidity facility
• Secondary mortgage market
• Housing finance solutions
• Mortgage bond issuance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Mortgage Refinancing Income: NMRC issues bonds in the capital market and uses proceeds to purchase qualifying mortgage loan portfolios from Primary Mortgage Banks and commercial banks, earning income from the spread between bond issuance costs and mortgage refinancing rates.
2. Bond Issuance Program: NMRC operates a N440 billion Medium Term Note Programme (FGN guaranteed), issuing bonds in series to raise long-term funding from capital market investors. Bond issuances include Series 1 (N8Bn in 2015), Series 2 (N11Bn in 2018), Series 3 (N10Bn in 2020), and Series 1 (N11.5Bn in 2026).
3. Investment Income: Earnings from sovereign bond investments, which account for approximately 70% of interest income. Earnings also include returns from the refinanced mortgage loan book.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Nigeria Mortgage Refinance Company (NMRC) is a CBN-licensed, non-deposit taking financial institution that raises long-term funds through Federal Government of Nigeria (FGN) guaranteed bond issuances in the Nigerian capital market and uses the proceeds to purchase qualifying mortgage loan portfolios from Primary Mortgage Banks (PMBs) and commercial banks. This refinancing activity provides long-term liquidity to mortgage lenders, freeing up their balance sheets to originate new mortgage loans for Nigerian homebuyers. NMRC also operates proprietary digital platforms (HMS, HMIP, EMARS, Propvat.com) that support mortgage management, housing market information, electronic title registration, and blockchain-based property title verification.

Product overview

NMRC operates as a mortgage liquidity facility offering a platform of interconnected products and services designed to deepen Nigeria's housing finance market. The core offering consists of mortgage refinancing operations backed by the ₦440 billion FGN-guaranteed Bond Issuance Program. NMRC provides technology platforms including the Mortgage Market System (MMS) for end-to-end mortgage management, the Housing Market Information Portal (HMIP) for housing market data, the Electronic Mortgage Asset Registry (EMARS) for electronic title registration, and the Propvat.com blockchain-based property title verification system. The company also drives market development through standardization products like the Model Mortgage Foreclosure Law (MMFL) and Uniform Underwriting Standards, alongside CSR initiatives like vocational skills training.

Differentiator

Problem solved

Functional benefit

Brands

• Housing Market System (HMS): Nigeria's first mortgage management technology infrastructure providing end-to-end solution for housing finance market
• Housing Market Information Portal (HMIP)
• Electronic Mortgage Asset Registry (EMARS)
• Propvat.com

Products and services

• Mortgage Refinancing Core B2B service that purchases qualifying mortgage loan portfolios from Primary Mortgage Banks and commercial banks, providing long-term funding so these lenders can free up capital and originate new mortgage loans for Nigerian homebuyers.
• N440 Billion FGN Guaranteed Bond Issuance Program A Medium Term Note Programme backed by an irrevocable and unconditional Federal Government of Nigeria guarantee of N100 billion. NMRC issues bond series in the Nigerian capital market to raise long-term funding from institutional investors for mortgage refinancing operations.
• Mortgage Market System (MMS) / Housing Market System (HMS) Nigeria's first mortgage management technology infrastructure providing end-to-end solutions for the housing finance market, integrating financing operations across the housing value chain from construction finance to primary mortgage origination, administration, and secondary market mortgage refinancing.
• Housing Market Information Portal (HMIP) Technical platform providing real-time access to housing finance, property development, and ownership information across Nigeria, developed in collaboration with NBS, CBN, FMBN, and MBAN.
• Electronic Mortgage Asset Registry (EMARS) Proprietary electronic title registration system used to support state governments with electronic title registration as part of operationalizing the Model Mortgage Foreclosure Law.
• Propvat.com Blockchain Property Title System Blockchain-powered digital land and property title authentication and verification system developed in partnership with HouseAfrica.io, enabling individuals and financial institutions to authenticate, validate, and confirm property values across Nigeria.
• Model Mortgage Foreclosure Law (MMFL) Standardized legal framework developed by NMRC for adoption by state governments to make mortgage transactions faster, safer, and easier by institutionalizing clear legal processes for administration and judicial enforcement of mortgages and property disputes.
• Uniform Underwriting Standards Standardized mortgage underwriting guidelines for the formal and informal sectors that mortgage lenders use to process mortgage applications, including sector-specific Debt-to-Income ratio limits and assessment criteria.
• Market Development & Advocacy Initiatives and advocacy programs to develop Nigeria's housing market, support state government adoption of housing reforms, and drive sustainable homeownership through stakeholder engagement.

Quantifiable outcome

• Zero credit losses or impaired loans from inception (2015) to November 2022, evidencing stringent underwriting criteria
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Partnerships

21 partnerships are on record, tiered strategic, minor and core.

• Ministry of Housing and Urban Development (Nigeria)strategicStrategic or Co-development Partner · 25 October 2023NMRC met with the Minister of Housing and Urban Development to emphasize partnership with federal housing agencies to tackle legacy issues in Nigeria's housing sector. Discussions covered data collaboration, MMFL implementation, and blended financing with FHFL, FMBN, and FHA.
• Nigeria Property Technology Group (NIPROTECH)minorStrategic or Co-development Partner · 4 August 2022NMRC hosted Day 2 of NIPROTECH 2022, a PropTech capacity-building conference, featuring pitch sessions by over 10 Nigerian PropTech startups. NMRC plans to provide incubation opportunities for select PropTech startups as part of its CSR program.
• African Union of Housing Finance (AUHF)strategicStrategic or Co-development Partner · 11 March 2022NMRC's MD/CEO Mr. Kehinde Ogundimu serves as Chairman of the AUHF Board. The AUHF is a member-based association of mortgage banks, building societies, PropTech companies, and housing organizations across Africa, established in 1984.
• Ogun State Government / Gateway Mortgage BankstrategicStrategic or Co-development Partner · 23 August 2021Ogun State Government (led by the Commissioner of Housing) engaged with NMRC to deepen housing provision through efficient title issuance and foreclosure law implementation. Gateway Mortgage Bank (Ogun State-owned) receives refinancing from NMRC. Ogun State's reforms attracted N2.5 billion in NMRC affordable housing finance.
• Industrial Training Fund (ITF)coreStrategic or Co-development Partner · 27 November 2020NMRC has partnered with ITF annually (5th batch in 2020, 6th batch in 2021, 40 trainees in 2025) to provide vocational skills training in housing construction (tiling, plumbing, electrical, POP ceiling) to unemployed Nigerian youth as part of NMRC's CSR program. ITF delivers the training while NMRC provides sponsorship and funding.
• Nasarawa State Government (Foreclosure Law)strategicStrategic or Co-development Partner · 15 October 2020Nasarawa State's Executive Governor granted assent to the Mortgage Foreclosure Bill, passed by the State House of Assembly in September 2020, marking an important milestone in the housing development partnership with NMRC.
• Ekiti State GovernmentstrategicStrategic or Co-development Partner · 26 August 2020Ekiti State Government signed a housing development partnership with NMRC. The State House of Assembly passed the MMFL and the Governor granted assent. NMRC will provide refinancing and technical support for Ekiti's 50,000 housing project in partnership with UNOPS.
• HouseAfrica.iostrategicTechnology or Integration · 22 July 2020HouseAfrica.io partnered with NMRC to deploy Propvat.com, a blockchain-powered digital property title authentication and verification system enabling individuals and financial institutions to validate property and land titles across Nigeria. The partnership aims to unlock trapped real estate assets valued at $300-900 billion and grow mortgage penetration.
• Nasarawa State GovernmentstrategicStrategic or Co-development Partner · 8 July 2020Nasarawa State Government signed a housing development partnership with NMRC to ignite the growth of its housing sector. A key component was the adoption and passage of NMRC's Model Mortgage Foreclosure Law (MMFL). NMRC aims to help unlock dead capital in land and position the state to contribute 20-30% to state GDP through real estate.
• Edo State GovernmentstrategicStrategic or Co-development Partner · 22 November 2019Edo State Government signed an MoU with NMRC as a prelude to adopting and passing a State-wide Model Mortgage Foreclosure mechanism into law. The agreement aims to improve the state's ability to attract investments and unlock dead capital in real estate assets.
• Centre for Affordable Housing Finance in Africa (CAHF)strategicStrategic or Co-development Partner · 25 July 2019NMRC signed an MoU with CAHF (secretariat to the African Union of Housing Finance) to deepen knowledge and understanding of housing finance markets in Africa and Nigeria. Collaboration centers on improving data quality and availability to advance housing finance access.
• National Bureau of Statistics (NBS)strategicStrategic or Co-development Partner · 1 January 2018NBS collaborated with NMRC, CBN, FMBN, and MBAN to develop the Housing Market Information Portal (HMIP), a go-to technical platform providing real-time housing finance, property development, and ownership data.
• Central Bank of Nigeria (CBN)coreOthersCBN regulates and supervises NMRC as a non-deposit taking financial institution, ensuring compliance with Nigeria's banking and financial sector regulations. CBN approved NMRC's expansion to refinance non-member banks.
• Securities and Exchange Commission (SEC)coreOthersSEC oversees NMRC's bond issuances in the Nigerian capital market. Before each bond issuance, NMRC obtains SEC approval and meets all disclosure, rating, and investor protection requirements.
• Federal Mortgage Bank of Nigeria (FMBN)strategicStrategic or Co-development PartnerFMBN collaborated with NMRC on the Housing Market Information Portal (HMIP) development. NMRC also seeks blended financing initiatives with FMBN to provide more affordable housing finance at lower interest rates.
• Mortgage Banking Association of Nigeria (MBAN)strategicStrategic or Co-development PartnerMBAN collaborated with NMRC on the Housing Market Information Portal (HMIP) and Mortgage Market System (MMS) development. NMRC works with MBAN member banks on mortgage standardization and AML/CFT training.
• Family Homes Fund Limited (FHFL)strategicStrategic or Co-development PartnerNMRC collaborates with FHFL on data collection and is exploring blended financing initiatives to provide more affordable housing finance at lower interest rates to Nigerians.
• Federal Housing Authority (FHA)strategicStrategic or Co-development PartnerNMRC collaborates with FHA on data collection and is exploring blended financing initiatives with FHA to expand affordable housing delivery.
• CSCS (Central Securities Clearing System)strategicTechnology or IntegrationNMRC is working with CSCS on solutions to dematerialize the land titling process, supporting electronic title registration as part of housing market modernization.
• Primary Mortgage Banks (PMBs)coreChannel Partner/ Reseller/ DistributorPMBs are NMRC's primary partners in the mortgage refinancing value chain. They originate mortgage loans for homebuyers and present qualifying mortgage portfolios to NMRC for refinancing. NMRC provides long-term funding enabling PMBs to free up capital and create more loans.
• Commercial BankscoreChannel Partner/ Reseller/ DistributorCommercial banks partner with NMRC to have their mortgage loan portfolios aggregated and refinanced. NMRC's operations enable these banks to offer mortgages with longer tenors and lower interest rates.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Others

• MiDA Advisors: U.S.-based advisory firm that arranged the $228 million blended financing transaction for NMRC. Functions as a transaction intermediary and advisor for NMRC's capital raises and is a directly connected capital-formation partner rather than a competing lender.
• HouseAfrica.io: Nigerian PropTech startup partnered with NMRC to deploy Propvat.com blockchain property title verification. Adjacent, enabling technology partner rather than a competitor, but illustrative of NMRC's PropTech ecosystem role.

Direct peers

• National Housing Finance Corporation (South Africa): South African development finance institution that intermediates funding for affordable housing lenders. Comparable emerging-market peer providing liquidity and capacity building to primary mortgage lenders in a structurally similar environment.
• Shelter Afrique: Pan-African housing finance institution that funds mortgage lenders and housing projects across the continent. Directly comparable as a peer African mortgage liquidity and development facility; NMRC's MD/CEO sits on Shelter Afrique-related forums and won its 2021 Best Mortgage Institution award.
• Kenya Mortgage Refinance Company (KMRC): Kenya's dedicated mortgage liquidity facility that refinances mortgage portfolios from primary lenders using capital markets funding. Closest direct international peer to NMRC in mission, structure, and operating model across Africa.

Broad incumbents

• Canada Mortgage and Housing Corporation (CMHC): Canada's Crown corporation providing mortgage insurance, securitization, and housing policy leadership. A more mature, broader-mandate analog of NMRC with similar government-backed refinancing and market development functions.
• Fannie Mae (Federal National Mortgage Association): U.S. government-sponsored enterprise that purchases and securitizes residential mortgages from lenders, providing secondary market liquidity. NMRC is explicitly modeled on Fannie Mae's structure and operates the analogous function for Nigeria's housing finance system.
• Freddie Mac (Federal Home Loan Mortgage Corporation): U.S. GSE that buys and securitizes single-family mortgages and is explicitly cited by NMRC as a structural model. Comparable mission, capital markets funding, and government guarantee dynamics to NMRC.

Regional players

• Federal Mortgage Bank of Nigeria (FMBN): Nigeria's federal housing finance institution providing mortgage funds to contributors via the National Housing Fund. Domestic peer offering mortgage liquidity through a different channel; collaborates with NMRC on HMIP and blended financing, but also a potential substitute provider.
• Family Homes Fund Limited (FHFL): Nigeria's social housing fund established by the federal government to mobilize private capital for affordable housing. Domestic peer operating in overlapping affordable housing finance; collaborates with NMRC on data and blended financing initiatives.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/NMRCNG
• YouTubeyoutube.com/@NmrcNgCompany
• Facebookfacebook.com/nmrcng
• LinkedInlinkedin.com/company/nigeria-mortgage-refinance-coy/?viewAsMember=true
• Instagraminstagram.com/nigeriamortgagerefinance.coy

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

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 Nigeria Mortgage Refinance Company