Prudential Mortgage Bank

What Prudential Mortgage Bank does

Prudential Mortgage Bank (legal name: New Prudential Mortgage Bank) is a privately held, Central Bank of Nigeria-licensed mortgage bank headquartered at 1610 Adelola Hopewell Street, Victoria Island, Lagos. Founded in 1991 with 28 employees, the company has repositioned itself as Nigeria's first fully digital mortgage bank, delivering mortgage origination, savings, investment, and everyday banking services through a 100% online platform with no physical branches.

The core product suite spans five mortgage products (Home Loans, Construction & Build Loans with milestone-based disbursements, Refinance & Equity Release, Home Improvement Loans, and Home Savings Plans that auto-qualify savers for preferential mortgage rates), alongside savings products (Savings Accounts, Fixed Deposits, Target Savings Plans), Investment Accounts, and standard banking services (debit cards, transfers, bill payments). The platform is supported by self-service digital tools — a Mortgage Calculator, an Affordability Calculator (applying Nigerian DTI thresholds of ≤33.3%), and an Amortization Schedule generator — which double as top-of-funnel acquisition assets. Underlying technology is described as a digital-first banking platform combining mortgage expertise with modern digital banking capabilities, with minimum mortgage rates starting at 9.8%.

The business model blends transaction-fee revenue from mortgage lending and everyday banking with subscription/recurring income from savings and investment products. Distribution is fully digital and self-serve, supplemented by relationship-officer support post-inquiry, targeting Nigerian individual consumers across four personas: home buyers, savings-focused individuals, investment seekers, and digital banking users. No revenue, loan-book, funding, or customer-growth figures are disclosed, and no ownership, institutional investors, or corporate parent are identified in the available data.

Name

Prudential Mortgage Bank

Legal name

New Prudential Mortgage Bank

Website

https://prudential.ng

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Prudential Mortgage Bank is a CBN-licensed, digital-first Nigerian mortgage bank offering home loans, construction loans, refinancing, savings, investments, and everyday banking through a 100% online platform serving individual consumers in Lagos and across Nigeria.

Ownership category

akta.pro rank

Product category

Mortgage Banking

NAICS

Consumer Lending (522291)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Direct-to-Consumer (D2C) Personal Lending Platforms (Unsecured Installment) (FSAKAAAK)

akta.pro secondary industries

Home Improvement Personal Loans (Unsecured Installment) (FSAKAAAE), Personal Loan Refinance (Rate/Term) (FSAKAIAB)

Keywords

• Retail mortgage lending
• Digital mortgage bank
• Home loan financing
• Savings and deposits
• Consumer banking services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Mortgage Lending: Home loans including purchase mortgages, construction loans, refinance and equity release, and home improvement loans with competitive rates and flexible repayment plans
2. Savings Products: Digital savings accounts, fixed deposits, and target savings plans earning competitive interest rates
3. Investment Products: High-yield investment accounts with flexible options for wealth growth
4. Everyday Banking Services: Debit cards, money transfers, bill payments, and transaction fees

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Prudential Mortgage Bank is Nigeria's first fully digital mortgage bank, offering home loans (purchase mortgages, construction loans, refinance and equity release, home improvement loans, and home savings plans) alongside digital savings accounts, fixed deposits, target savings plans, investment accounts, and everyday banking services (debit cards, transfers, and bill payments). All products are delivered through a 100% online platform with digital verification, transparent pricing, and no physical branch requirements.

Product overview

Prudential Mortgage Bank is Nigeria's first fully digital mortgage bank offering a unified digital banking platform that combines mortgage lending with everyday banking services. The core portfolio includes mortgage products (Home Loans, Construction & Build Loans, Refinance & Equity Release, Home Improvement Loans, and Home Savings Plans) alongside savings products (Savings Accounts, Fixed Deposits, Target Savings Plans), Investment Accounts, and standard banking services (Debit Cards, Transfers & Bill Payments). The platform also provides digital tools including a Mortgage Calculator, Affordability Calculator, and Amortization Schedule, along with Advisory Services. All services are accessible through a single digital experience with no physical branch requirements.

Differentiator

Problem solved

Functional benefit

Products and services

• Home Loans
• Construction & Build Loans
• Refinance & Equity Release
• Home Improvement Loans
• Home Savings Plans
• Savings Accounts
• Fixed Deposits
• Target Savings Plans
• Investment Accounts
• Debit Cards
• Transfers & Bill Payments
• Advisory Services

Quantifiable outcome

• Pre-qualification available in minutes through digital verification process
• +1 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• First Bank of Nigeria: First Bank is Nigeria's oldest and one of its largest banks, with a national branch network and full suite of mortgage, savings, and investment products. It is a broad incumbent peer to Prudential in Nigerian mortgage and consumer banking, with substantially greater scale and resources.
• Guaranty Trust Bank (GTBank): GTBank is one of Nigeria's largest commercial banks, offering mortgages, savings, and investment products through a national branch network. It is comparable to Prudential as a Nigerian mortgage and consumer banking provider, though GTBank operates a broad branch-based model with a much larger balance sheet.

Direct peers

• FairMoney: FairMoney is a Nigeria-based digital lender providing personal loans, savings, and banking services to consumers and small businesses. It is a direct peer to Prudential as a Nigerian digital consumer finance company, though FairMoney primarily focuses on unsecured personal loans rather than mortgage products.
• ALAT by Wema: ALAT is the digital banking arm of Wema Bank, Nigeria's oldest indigenous bank, offering fully digital accounts, savings, and loans. It is a direct peer to Prudential as a Nigerian digital-first retail bank targeting similar mobile-first consumers with a comparable range of deposit and credit products.
• Renmoney: Renmoney is a Nigerian digital lender offering personal loans, savings, and investment products to consumers. Like Prudential, it targets Nigerian retail customers with digital-first consumer credit products, but Renmoney focuses on unsecured personal and SME lending rather than mortgages.
• Carbon (formerly Paylater): Carbon is a Nigerian digital lending platform offering consumer loans, investments, and bill payments via a mobile app. It is comparable to Prudential as a Nigerian digital-first consumer finance platform serving similar middle-income segments, though Carbon's loan book is unsecured rather than mortgage-backed.
• Kuda Bank: Kuda is a Nigerian digital-only bank offering savings, payments, transfers, and credit products via mobile app. It is comparable to Prudential as a Nigeria-focused, fully digital consumer bank, though Kuda's core offering is everyday banking rather than mortgage lending.

Emerging players

• Branch International: Branch is a digital lending platform operating in Nigeria, Kenya, and other emerging markets, offering personal loans and savings via mobile. It is comparable to Prudential as a digital-first emerging-market consumer lender, though Branch focuses on unsecured personal loans rather than mortgages.
• Tala: Tala is a digital lending platform extending consumer credit to underbanked customers in emerging markets, including parts of Africa. It is an emerging-market peer to Prudential in digital consumer lending, though its products are unsecured personal loans rather than mortgage-backed.

Regional players

• Housing Finance Company of Kenya: HFC Kenya is a mortgage-focused financial institution offering home loans, construction finance, and savings products in Kenya. It is a regional peer to Prudential as an African mortgage-focused lender, but operates in a different country with a different regulatory framework and a more traditional branch-based model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/prudentialmortgagebank
• LinkedInlinkedin.com/company/prudential

Compliance1 record

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 Prudential Mortgage Bank