HouseAfrica.io – a blockchain startup focusing on real estate, has signed a partnership agreement with Nigeria Mortgage Refinance Company (NMRC), to deploy a digital land/property title authentication and verification system called Propvat.com.
The system will make it possible for individuals and organizations – including Financial Institutions – to authenticate, validate or confirm the value of any Property or Land across Nigeria and ultimately improve the amount of mortgage financing transactions in Nigeria.
NMRC made the announcement on Twitter ahead of the Virtual Abuja International Housing Show.
— NMRC (@NMRCNG) July 22, 2020
In his remarks, Mr. Kehinde Ogundimu, the Managing Director/Chief Executive Officer of NMRC, said that the company’s decision to partner HouseAfrica to develop the digital land registry is in line with the company’s mandate to make technology a key pillar of Nigeria’s emerging modern housing finance market.
“We are proud of our partnership with HouseAfrica and the progress that we have made in this project. This MoU marks yet another landmark in our drive to build strategic collaborations with stakeholders in the housing market towards tackling longstanding challenges to growth and building efficiencies at critical points in the housing and mortgage eco-system”
Also speaking on the Partnership, Nnamdi Uba, Co-founder, and CEO of HouseAfrica.io, explained that the partnership will unlock a lot of opportunities for Nigerians.
“The partnership will help to unlock trapped assets and capital in residential real estate valued at over 300-900billion USD. and then wealth creation through increased access to credit and growth in mortgage penetration by as much as 3% – 5% of GDP over a 5-10-year period (subject to increased adoption and user rates).”