87 RSA Holders Receive N3.1bn for Residential Mortgage Financing

Ebere Nwoji

Both the National Pension Commission (PenCom) and Pension Fund Administrators (PFAs) have made good their promise to kick off disbursement of 25 per cent contributions of RSA holders for mortgage financing as   operators said they have approved and delivered into various applicants’ account a total of N3.1 billion  as at the end of July 2023.

The above figure was disbursed to 187 Retirement Savings Account (RSA) holders for assessment of residential mortgage as at the end of July 2023.

PenCom said it has approved the above funds and they have been successfully paid to RSA applicants for mortgage funding.

The Chief Executive Officer Pension Fund Operators Association of Nigeria (PenOP), Oguche Aguda, disclosed this at the 2023 media conference   organised by  PenCom in Lagos.

PenOp is the umbrella body of all the licensed Pension Fund Administrative firms in Nigeria.

Aguda stated this while delivering a paper on Improving Accessibility and Service Delivery in RSA Mortgage Financing.”

He delved into the crucial area of mortgage financing, addressing ways to enhance accessibility and service delivery for  eligible retirement Savings Account holders.

He  noted that Nigerian housing deficit grew from 7 million in 1991 to 28 million in 2023 leading to overcrowded and obsolete housing infrastructure.

He said with the new mortgage policy of PenCom, RSA holders could acquire their own home with 25 percent of their pension savings.