September 30, 2022
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Fidelity Bank expands mortgage lending with signing of memorandum of understanding

By on April 25, 2022 0

Ghana’s largest private indigenous bank, Fidelity Bank, has signed a Memorandum of Understanding (MoU) with six property developers to provide customers with access to mortgages.

The deal will see Fidelity and real estate developers — Integral Associates, GHS Housing, Adom City Estates, Priority Homes, Blue Rose Developers, New Oak, collaborate in the mortgage financing industry to facilitate home acquisition.

This follows an earlier agreement signed between the bank and NTHC Properties, Appolonia Development Company and Trasacco Estate Developers in 2021.

Signing the MoU on behalf of Fidelity Bank, Divisional Head of Retail Banking, Nana Esi Idun-Arkhurst said, “Home ownership is an integral part of the Ghanaian dream, but the cost of financing of a housing project can be prohibitive. Unfortunately, only a few financial institutions in Ghana offer mortgage finance. As one of the few institutions to provide mortgages, this partnership will expand our mortgage finance offerings so we can help more people realize their dream of owning a home and reduce the country’s housing deficit.

“Signing this MOU with our eight (8) real estate partners is also a strong demonstration of our belief that serving our clients successfully requires collaboration with key stakeholders. Together, we will make mortgage financing more accessible for our customers and potential customers,” added Nana Esi.

Ebo Acquah, CEO of Blue Rose property developers, who spoke on behalf of all property developers present, said they were pleased to partner with Fidelity Bank to expand the bank’s mortgage financing proposition.

He said: “We are delighted to take this step with Fidelity Bank to ensure that we provide strong financial support for people who want to own their own home. The obvious fact today is that the price of houses already built in Ghana is far above what the average Ghanaian can afford. But with this partnership, we are confident that mortgages will be easily accessible to all and we will help make a significant dent in the challenges facing the housing sector in Ghana.