The Managing Director of Nigeria Mortgage Refinance Company (NMRC) Kehinde Ogundimu has called on housing sector stakeholders especially those in the mortgage sub sector to understudy the needs of customers before rolling out their mortgage plans.
Speaking at the 3-day Mortgage Banking Sub-sector CEOs’ annual retreat organised by Mortgage Bankers Association of Nigeria (MBAN) in Lagos from November 29 – December 01, 2019, Ogindumu said mortgage stakeholders shouldn’t always be waiting for houses to be constructed before creating mortgages.
‘’I think we should start doing what is called reverse engineering. We are the closest to the customers because they come to us. Let us understand the kind of things they need. Is it micro living? Tiny apartments and things like that? When we understand what they need, we can now go back to developers to see the things we should build. We don’t have to wait until someone has built a 4 bedroom house then we say we want to look for those who will take mortgage because that is not what the millennials are looking for.
‘’Let us as an industry carry out a survey to find out the demand and how to create the mortgage. We should influence the kind of houses that are being built which suits the taste of the buyers. My challenge to us is to have that introspection and determine what the needs are and have a pipeline of products we can create mortgages for,’’ he advised.
Speaking on the theme ‘’Critical Success Factors for Continuity and Viability of the Mortgage Banking Sub-Sector in Nigeria: Mortgage Digitization, Human Capacity Development and Management Succession,’’ he said with digitalization, the stakeholders can disrupt the industry in Nigeria like it is done in many parts of the world.
‘’Once we can demonstrate what we can do, the customers would always be willing to accept it. For us as a sector, we need to seat back and see what we need to do to get to that next level. I think we are standing on the threshold. The only way we can gain leverage in the market is through digitalization –something fast, efficient and cheap.
According to him, the theme of the retreat is very apt because there is no success without succession. He said that as they look to the future, they should also look at empowering those coming behind.
He hailed MBAN for organising the event and recognised them as a trusted ally.
‘’We have had a good experience with MBAN. NMRC has always partnered with MBAN in every of its projects, both within and outside the country. We will always be there to support and work with MBAN,’’ he said.
