Sterling Bank Plc says it has won the Housing Friendly Commercial Bank of the Year Award for its remarkable impact on housing delivery in the country’s housing sector.

The Sterling Bank’s Non-Interest Banking Group Head, Mr. Basheer Oshodi, who received the award in Abuja on behalf of the lender, said the award followed the recognition of the innovative efforts of the NIB group in the housing sector.

Oshodi said the model of engagement created by the NIB group enhanced the ability of many Nigerians to own houses under a flexible mode of payment, adding that the NIB group had done so much in making affordable housing available to Nigerians.

According to him, customers who express interest in the homeownership model are made to contribute between 20 and 30 per cent equity over the construction period of 18 months after which the facility is booked for future ownership.

He added that rentals in the scheme were less than what would have been paid in a conventional banking arrangement.