In a significant move aimed at tackling the nation’s massive housing deficit and deepening financial inclusion, the Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) and have announced a strategic collaboration to develop a robust Non-Interest Mortgage (NIM) ecosystem.

 

The partnership, unveiled at a high-level meeting in Abuja, Friday, seeks to create and regulate viable, Sharia-compliant financing structures that will enable millions of Nigerians, particularly those excluded from conventional interest-based loans, to access affordable homeownership.

 

With Nigeria’s housing deficit estimated to be over 28 million units, the initiative is being hailed as a potential game-changer. It directly addresses a key barrier to homeownership: the affordability and religious compliance of mortgage products for a significant segment of the population.

 

Director-General of the SEC, Dr. Emomotimi Agama while emphasizing the Commission’s role in ensuring the integrity and stability of the proposed financial instruments, stated that the SEC would provide the necessary regulatory guidance and framework to facilitate the issuance of Sukuk (imic bonds) and other non-interest capital market products to fund these mortgages.

 

“Our collaboration with FMBN is pivotal to unlocking long-term financing for the housing sector,” Dr. Agama said. “By creating a clear regulatory pathway for non-interest mortgage-backed securities, we can attract ethical investors, both domestic and international, to channel funds into this critical area. This will create a virtuous cycle of funding, construction, and ownership.”

 

In his remarks, the Managing Director/Chief Executive Officer of FMBN, Mr. Shehu Osidi, stated that the collaboration marks a critical step in fulfilling the bank’s mandate to provide affordable housing for all Nigerians.

 

“For a long time, a substantial number of our citizens have been unable to participate in the National Housing Fund (NHF) scheme due to the interest-based nature of conventional mortgages. This partnership with SEC is a strategic response to that gap. We are committed to developing non-interest mortgage products that are not only ethical and inclusive but also financially sustainable.”,”Osidi said.

 

Also commenting, Housing and finance expert, Mr Ebilate McYoroki , welcomed the development describing it as “long overdue.”
“This is a masterstroke in financial inclusion,” he said. “It taps into a vast pool of potential homeowners and investors who have previously been on the sidelines. If implemented transparently, it could significantly accelerate the pace of housing delivery in the country.”

 

The successful implementation of this framework is expected to not only reduce the housing deficit but also stimulate the construction industry, create jobs, and foster greater financial inclusion, ultimately contributing to national economic growth.
How the Non-Interest Mortgage Model Works.

 

Unlike conventional mortgages that charge interest, non-interest financing is based on principles of risk-sharing, asset-backing, and equitable returns. The models under consideration include:
· Musharakah (Diminishing Partnership): The bank and the customer jointly purchase a property. The customer gradually buys out the bank’s share through periodic payments, eventually becoming the sole owner.
· Ijara (Lease-to-Own): The bank buys the property and leases it to the customer for a fixed period. A portion of the rental payments goes towards the eventual ownership transfer.
· Murabaha (Cost-Plus Sale): The bank acquires the property and sells it to the customer at a pre-agreed markup, payable in installments.

Amaka Obiefuna

Across Africa, women are fast becoming the heartbeat of economic transformation. From bustling open-air markets to high-tech boardrooms, women-led enterprises are redefining what is possible for the continent’s future. Whether as market traders expanding their reach through digital platforms, tech founders scaling innovations across borders, or artisans turning local crafts into global brands, women’s contributions are now central to Africa’s economic resurgence.

 

Even as they break new ground, many still face formidable barriers. Access to finance, mentorship, business education, and supportive networks remains limited. Structural issues such as weak property rights, gender bias, and inadequate legal protections often hinder women from securing loans or expanding their businesses. Consequently, many women-owned ventures remain small, informal, and vulnerable to economic shocks.

 

Recognising both the promise and the obstacles, Access Bank has positioned itself at the forefront of empowering women across the continent. Recently named Africa’s Best Financier for Female Entrepreneurs by the EMEA Finance Awards, the Bank has earned global recognition for its commitment to inclusion, innovation, and sustainable impact.

 

At the centre of this effort is the W Initiative, one of Africa’s most comprehensive women-focused banking programmes. Unlike conventional banking, it combines finance with mentorship, training, and community support, acknowledging that true empowerment requires more than access to capital. The initiative meets women wherever they are on their entrepreneurial journey, from start-ups to growing enterprises and corporate leadership.

 

The W Power Loan offers affordable credit with flexible terms, enabling women to invest in expansion, inventory, or technology. The W Academy provides leadership and business training on financial literacy, marketing, and regulatory compliance, while the W Community connects women to peers, mentors, and role models across industries.

 

Importantly, these offerings extend beyond urban centres. From microloans sustaining traders in rural markets to leadership programmes developing female executives in multinational firms, Access Bank’s approach is deliberately inclusive. By partnering NGOs, business associations, and government agencies, it reaches women in underserved communities, ensuring participation in Africa’s economic rise.

 

The results are evident. Thousands of women have accessed credit, training, and networks through the Bank’s initiatives, enabling them to launch and scale businesses, create jobs, and uplift their communities. The ripple effects are far-reaching: increased household income, improved family wellbeing, and greater economic resilience. Women who once faced daunting barriers now serve as role models and change-makers, inspiring others to follow their path.

 

Studies show that when women thrive, societies prosper. The World Bank and African Development Bank note that empowering women fuels GDP growth, improves health outcomes, and enhances social stability. By directly addressing structural gaps in access to finance and information, Access Bank helps to unlock this transformative potential.

 

Apart from supporting entrepreneurs, Access Bank promotes gender inclusion within its own organisation. Its leadership pipeline identifies and advances talented women, while mentorship and wellness programmes help female professionals thrive. The Bank also uses public platforms, from conferences to policy dialogues, to share success stories and advocate for gender diversity across sectors.

 

The EMEA Finance recognition thus goes beyond trophies and titles; it affirms that profitability and purpose can coexist. For Access Bank, supporting women’s advancement is smart economics. By embedding inclusion into its DNA, the Bank is shaping a financial ecosystem that views women as equal partners in progress.

 

Access Bank’s influence also extends into advocacy. Through forums, roundtables, and research collaborations, the Bank engages policymakers, civil society, and business leaders to identify and dismantle barriers facing women entrepreneurs. Its campaigns amplify women’s voices, spotlighting their achievements and driving conversations around inclusive growth.