US, Zenith Bank Launch $10m Mortgage Scheme In Nigeria
By Amos Adetunji
 7th NOV 2006

Zenith Bank, in collaboration with the United States Agency for International Development (USAID), an agency of the United States government, yesterday launched a mortgage scheme that would make available $10 million (N1.3 billion) for interested Nigerians to own their own homes.

The launching is sequel to an agreement signed in Abuja on September 12 by Managing Director of Zenith Bank, Mr. Jim Ovia and Mr. Patrick Fleuret, Director, USAID. The US agency is to directly supervise the scheme.

Under the scheme, which is designed by the US government to encourage banks in developing economies to facilitate mortgage loans to low and middle income earners, $10 million (N1.3 billion) would be made available through Zenith Bank to beneficiaries with a combined gross income per annum not exceeding N8 million ($62,000) each, for mortgage development.

According to the terms of the facility, a maximum of N10 million and a minimum of N2 million would be given to beneficiaries with a pay back time of between three and 12 years. This could be done monthly, quarterly, half yearly or annually.

The scheme is primarily targeted at economically-engaged Nigerians residing in Abuja, Lagos, Port Harcourt and Kano.

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