FirstTrust Mortgage Bank

What FirstTrust Mortgage Bank does

FirstTrust Mortgage Bank Plc is a Nigerian primary mortgage bank formed in September 2019 from the court-ordered merger of First Mortgages Limited (formerly FBN Mortgages Limited) and TrustBond Mortgage Bank Plc, positioning it as the largest specialized mortgage bank in Nigeria with total assets exceeding ₦36 billion. The company is headquartered in Ikoyi, Lagos, and is structured as a public limited company (Plc) with a Plc-style investor relations function, including financial reports spanning 2019–2024 and an unclaimed dividend portal. It is regulated by the Central Bank of Nigeria as a Primary Mortgage Bank and is compliant with the Nigeria Data Protection Act 2023.

The bank operates a multi-product platform spanning mortgage products (Outright Purchase, Construction Mortgage, Construction Finance, I VAL Mortgage, Home Mortgage Refinance, Home Improvement, Equity Release, Diaspora Mortgage, and Land Acquisition/Micro Mortgage), short-term personal loans (up to N30 million), cash-backed facilities, and four savings products (HOMA, Children Savings, Target Savings, Endowment Savings). Distribution combines a Lagos branch and relationship manager network with a digital stack including an internet banking platform (ibank.ftmortgagebankplc.com), iOS and Android mobile applications, online application forms, an interactive loan calculator, and a BVN/NIN online verification portal. Customer segments span individual homebuyers, real estate developers, diaspora Nigerians, and salaried employees of approved counterparties.

The business model is predominantly spread-based: the bank earns interest income on its mortgage and loan book at rates up to 18% per annum, generates fee income on cash-backed facilities (6–8% margin above deposit rate plus a 1% flat fee), and funds this lending through concessionary-rate savings products. Pricing is fixed-schedule (monthly billing cadence) rather than dynamic, with upfront commitment, service, and management fees excluded from the public loan calculator. Customer acquisition relies on a hybrid model of content marketing, organic social (Facebook, Instagram), educational articles, and bottom-of-funnel relationship manager consultations at branches and through the diaspora channel.

Name

FirstTrust Mortgage Bank

Legal name

FirstTrust Mortgage Bank Plc

Website

https://ftmortgagebankplc.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

FirstTrust Mortgage Bank Plc is Nigeria's largest specialized mortgage bank, formed from the 2019 merger of FBN Mortgages and TrustBond Mortgage Bank. It serves individuals, developers, diaspora Nigerians, and salaried employees with mortgage, loan, and savings products distributed via branch and digital channels.

Ownership category

akta.pro rank

Product category

Mortgage Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Commercial Banking (522110), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162), Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Purchase Mortgage Origination (Homebuyer Focused) (FSALAAAD)

akta.pro secondary industries

Bank Branch / Retail Purchase Mortgages (FSALAAAA), Consumer Direct / Online Mortgage Origination (FSALAAAB), Relationship / Portfolio Retention Mortgage Origination (Bank Customer Base) (FSALAAAO), Jumbo & Portfolio Wholesale Lending (FSALACAF)

Keywords

• Mortgage banking
• Real estate finance
• Construction lending
• Retail savings accounts
• Diaspora mortgage services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Mortgage Interest Income: Primary revenue from interest charged on mortgage loans including outright purchase mortgages, construction finance, home improvement, and other mortgage products. Interest rates up to 18% per annum maximum.
2. Short-term Loan Interest: Interest income from short-term credit facilities offered to employees of approved counterparties and high-net-worth individuals. Tenor up to 24 months.
3. Cash Backed Facility Fees: Fees from short-term facilities granted against fixed deposits, with interest margin of 6-8% above prevailing deposit rate and minimum 1% flat fee.
4. Savings Account Interest: Interest expense on customer savings accounts including Home Ownership Mortgage Account (HOMA), Children Savings Account, Target Savings, and Endowment Savings. Bank offers concessionary interest rates on savings.
5. Diaspora Mortgage Services: Mortgage facilities for non-resident Nigerians with obligor limits up to N100 million, tenor up to 10 years, and 50% minimum equity contribution.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

FirstTrust Mortgage Bank Plc provides mortgage and real estate financing solutions to Nigerian individuals, real estate developers, and the Nigerian diaspora. Its product suite includes outright purchase mortgages, construction finance and construction mortgages, equity release, home mortgage refinance, home improvement loans, diaspora mortgages, land acquisition/micro mortgages, short-term personal loans, cash-backed facilities, and savings plans (HOMA, Children, Target, Endowment). The bank distributes these via branch-based relationship managers, an internet banking platform, and iOS/Android mobile applications.

Differentiator

Problem solved

Functional benefit

Products and services

• Short Term Loan Short-term credit facility offered to individuals in paid employment of enlisted counterparties approved by FirstTrust Mortgage Bank and to high-net-worth self-employed individuals; tenor up to 24 months with access up to N30 million and minimum loan amount of N500,000.
• Outright Purchase Mortgage Mortgage facility offering loans to individuals to part-finance the purchase of a completed building with valid title documentation; tenor up to 15 years, obligor limit up to N250 million, with 20% equity for salary earners and 30% for self-employed.
• I VAL Mortgage Loan Facility designed to help developers with collection of their receivables and enables corporate organizations to administer mortgage facilities to their employees, with risk transfer from developers to new homeowners during property possession transfers.
• Construction Finance Loan facility offered to corporate entities (Developers) to part-finance the construction of houses (Estates), requiring 50% equity contribution and life insurance for developers.
• Construction Mortgage Mortgage product strictly for individuals to part-finance the development of their residential houses; 40% equity contribution for self-employed and 20% for those in paid employment.
• Equity Release Property Refinance Facility that allows individuals who own properties with valid title to unlock cash in their properties, with tenor up to 2 years.
• Home Mortgage Refinance Product allowing customers to refinance existing mortgage loans from another financial institution, with tenor up to 5 years and flexible repayment plan.
• Home Improvement Loan granted for renovation or expansion of an existing house, with facility up to 25% of property value, tenor up to 3 years, and no equity contribution required.
• Diaspora Mortgage Overseas cash mortgage arrangement for Non-Resident Nigerians to part-finance purchasing a property in Nigeria; tenor up to 10 years, minimum 50% equity contribution, obligor limit up to N100 million.
• Land Acquisition / Micro Mortgage Product enabling customers to acquire plot(s) of land in a gated community (Estate) and build in phases through milestone disbursements; minimum 30% equity contribution, maximum tenor of 2 years.
• Cash Backed Facility Short-term facility granted on the strength of a fixed deposit placed with the bank; interest rate margin of 6%-8% above prevailing deposit rate with minimum 1% flat fee, no additional collateral required.
• Home Ownership Mortgage Account (HOMA) Monthly savings plan with concessionary interest rate requiring customers to save a stipulated amount per month over 2-3 years to qualify for mortgage plans; interest payable at base rate plus 1.5% per annum, with no prepayment penalties.
• Children Savings Account Account enabling parents/guardians to plan and save for their children's future from ages 0-18 years for medium- and long-term goals; minimum opening balance N5,000, minimum monthly deposit N10,000, with automatic conversion to a mortgage plan at age 18.
• Target Savings Account Savings account for a specific purpose where, upon 50% achievement of target savings, customers become eligible for a 50% loan facility; minimum opening balance N10,000 with higher interest rate than normal savings.
• Endowment Savings Account Savings plan for customers currently enjoying mortgage loans, allowing them to save up to 25% of monthly loan repayment as endowment savings which serves as a buffer against default; maximum interest rate 2.5%.
• Internet Banking Platform Web-based online banking platform enabling customers to access banking services, manage accounts, and carry out transactions via ibank.ftmortgagebankplc.com.

Quantifiable outcome

• Maximum loan amount of N200 million for general mortgage applications
• +3 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• First Mortgages Limited (formerly FBN Mortgages Limited)flagshipStrategic or Co-development Partner · 1 September 2019FirstTrust Mortgage Bank emerged from the merger of First Mortgages Limited (formerly FBN Mortgages Limited) and TrustBond Mortgage Bank Plc in September 2019. The merger created the largest mortgage bank in Nigeria with a strong capital base and large asset size. The chairman Adesina Augustine Buramoh-Adenuyewo stated the objective was to create a stronger mortgage institution capable of competing more vibrantly within the nation's mortgage sector through specific strategic skill, service excellence, and redefined support to the primary mortgage sub-sector.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• SunTrust Bank Nigeria Limited: Formerly a Nigerian Primary Mortgage Bank that converted to a commercial banking license while retaining significant mortgage origination capabilities. Competes with FirstTrust for retail mortgage and diaspora-property finance customers.
• Imperial Homes Mortgage Bank Limited: Nigerian PMB providing mortgage origination, home improvement loans, and real estate finance. Directly comparable in scale and product set, competing for the same retail and developer segments as FirstTrust.
• Abbey Mortgage Bank Plc: Nigerian Primary Mortgage Bank and one of the closest direct peers to FirstTrust, offering residential mortgages, construction finance, and savings products to individuals and developers under the same CBN PMB license regime.
• Gateway Mortgage Bank Limited: Nigerian PMB focused on residential mortgage origination and home ownership products. Operates under the same CBN PMB framework, with overlapping customer base in retail mortgage and savings.
• ASO Savings & Loans Plc: Nigerian mortgage-focused savings and loans institution offering residential mortgages, home improvement loans, and savings products. Comparable business model targeting retail homeownership under similar regulatory oversight.

Regional players

• Shelter-Afrique (Shelter Afrique Development Bank): Pan-African housing-finance institution providing wholesale mortgage liquidity and refinancing to African primary mortgage banks, including Nigerian PMBs. Operates as a regional wholesale counterparty rather than retail competitor, comparable in category focus (housing finance) but not in customer or delivery model.

Broad incumbents

• United Bank for Africa (UBA): Pan-African commercial bank with a sizable Nigerian retail mortgage book and diaspora-focused property finance products. Provides scale-based competition to FirstTrust, particularly for diaspora-Nigerian and developer customers.
• First Bank of Nigeria Limited: Largest Nigerian commercial bank by franchise and historical parent of FBN Mortgages (which merged into FirstTrust). Offers mortgage products as part of a full-service banking suite, competing for the same retail mortgage and developer-finance customers at much larger scale.
• Guaranty Trust Bank (GTBank / GTCO): Top-tier Nigerian commercial bank offering retail mortgages, equity release, and home loans alongside a broad banking franchise. Overlaps with FirstTrust in retail mortgage and diaspora banking segments.
• Access Holdings Plc (Access Bank): Major Nigerian commercial bank with a growing retail mortgage offering and active diaspora banking proposition. Competes with FirstTrust on retail purchase mortgages and diaspora home-finance across Nigeria and key diaspora corridors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/FTmortgagebankplcNG
• Instagraminstagram.com/firsttrustmb
• Xx.com/FirstTrustMB
• LinkedInlinkedin.com/company/firsttrust-mortgage-bank-plc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 FirstTrust Mortgage Bank