Nigerian Startup, HouseAfrica, has secured a partnership with Nigeria Mortgage Refinance Company (NMRC) to help it scale further.
HouseAfrica established in May 2018, provides a stable record along with a visual map reference, which ensures the integrity of land titles and increasing access to credit.
The company was established to tackle problems around land ownership that lead to duplicate land titles, illegal sales, and low access to mortgages.
The startup also helps to reduce the time it takes for banks, lawyers, and other stakeholders to query and register land titles.
What the partnership means
With its partnership with NMRC now, it aims to deploy a digital land and property title authentication; and also verification system called PropVat.
This will make it possible for individuals and organizations like financial institutions to authenticate; validate; or confirm the value of any property or land across Nigeria.
It will ultimately increase the amount of mortgage financing transactions in Nigeria. Speaking on the partnership, CEO, HouseAfrica said it will unlock trapped assets.
“The partnership will help to unlock trapped assets; and capital in residential real estate valued at between US$300 billion and US$900 billion; and then wealth creation through increased access to credit and growth in mortgage penetration; by as much as three to five percent of GDP over a five-to-10-year period,” said Nnamdi Uba, co-founder and chief executive officer (CEO) of HouseAfrica.