Stanbic IBTC Pension Managers has paid out N1.6 billion to one hundred and fifty customers as at October 3, 2023, thus enabling them to become proud homeowners.
According to a press release, this followed the implementation of approved guideline on accessing Retirement Savings Account (RSA) balance towards payment of equity contribution for residential mortgage by RSA holders released by the National Pension Commission (PenCom) on 23 September 2022.
“Stanbic IBTC Pension Managers is enabling its customers to access up to 25 percent of their Retirement Savings Account (RSA) balance as equity contribution for residential mortgages, thereby living up to one of its core values of serving their clients.
With this milestone, the PFA is actively closing the affordability gap in Nigeria’s mortgage sub-sector and improving the standards of living of its RSA holders,” the statement said. Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, said: “As an organisation, one of our main objectives is to ensure that our clients retire well, which aligns with enabling our customers become homeowners.
We leverage customer data and insights which help us to be proactive in meeting their needs. Our team works diligently to ensure that our clients can access a portion of their pension savings as equity contribution towards residential mortgage applications, if they meet the required conditions as prescribed by PenCom.”
Oyetan further noted that customers, who opt for additional voluntary contributions towards retirement through the Voluntary Contribution option, were able to access even more funds to meet their objective when securing their dream homes.
