CBN Gives Licenses To 34 Primary Mortgage Banks
CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has listed 34 firms as licensed primary mortgage banks in Nigeria with half of them operational in Lagos.

According to the CBN, in a statement on Monday, eight of the banks are in Abuja; two in Akwa Ibom State; while Oyo, Delta, Ogun, Kebbi, Jigawa, Abia and Osun have one each.

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It further described a PMB as any firm that is licensed to carry out primary mortgage banking business in Nigeria.

According to the apex bank, they are permitted to engage in mortgage finance, real estate construction finance within the permitted limits, acceptance of savings and time/term deposits and acceptance of mortgage-focused demand deposits.