The Federal Mortgage Bank of Nigeria (FMBN) plans to launch its Non-Interest Mortgage and Rent Assistance Products before the end of October 2026, in a move aimed at expanding access to affordable housing finance and easing rent pressures.
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FMBN Managing Director and Chief Executive, Shehu Usman Osidi, announced the planned launch on October 19, 2026, during the joint commemoration of World Habitat Day and World Cities Day at the National Engineering Centre Auditorium in Abuja.
Osidi said the products would widen access to housing finance and respond to Nigerians’ different housing needs. He said the Bank was working to create more pathways to decent and affordable homes, including through its Rent-to-Own Scheme, Home Renovation Loans, National Housing Fund (NHF) Diaspora Mortgage Loan and non-interest mortgage financing initiatives.
The rent assistance product is intended to ease rent pressures, while the mortgage product will offer a non-interest route to housing finance. However, FMBN has not yet explained eligibility, support amounts or whether both products will be available nationwide once details emerge.
The Bank has already formally launched the Diaspora NHF Mortgage Loan, which allows Nigerians living abroad to participate in the National Housing Fund Scheme and invest in housing in Nigeria.
FMBN also reported progress under the 2025 Presidential and Ministerial Deliverables. It financed 6,911 affordable housing units, representing 96 per cent of its annual target of 7,200 units. The Bank approved more than ₦208bn in housing and mortgage loans, while over ₦120bn was disbursed to support housing construction, mortgage financing, home renovation, cooperative housing and Rent-to-Own initiatives.
Osidi reaffirmed the Bank’s commitment to working with the Federal Ministry of Housing and Urban Development and other stakeholders to expand housing finance and support affordable housing delivery.
At the event, the Minister of Housing and Urban Development, Muttaqha Rabe Darma, represented by his Chief of Staff, Abba Yakubu, said adequate housing must be affordable, safe, accessible and properly located. He said residents also needed secure tenure and access to infrastructure, transport, jobs and essential social services.
The Minister identified high interest rates, limited long-term funding, strict eligibility conditions and low mortgage penetration as barriers to homeownership. He called for innovative financing options that address the needs of civil servants, young professionals, artisans, traders and informal-sector workers.
He also disclosed that more than 240 urban renewal and slum-upgrading projects had been delivered nationwide, with over 100 others at different stages of implementation. He said urban regeneration should be inclusive and people-centred, supported by infrastructure, effective planning and community participation, while avoiding unnecessary displacement.
The commemoration formed part of Urban October and featured the themes “Adequate Housing for All” and “Regenerating the City: Adequate Housing for All.” It brought together government officials, built-environment professionals, international organisations, civil society groups, youth representatives, private-sector stakeholders and the media to discuss decent housing and sustainable cities.
How to benefit
The Bank has announced the planned launch, but the supplied announcement does not provide application dates, eligibility criteria, interest or financing terms, or a dedicated application portal for the new products. Nigerians interested in the Non-Interest Mortgage or Rent Assistance Products should monitor official FMBN announcements for the launch details and application procedure.
