Ghana’s largest privately-owned indigenous bank, Fidelity Bank, has signed a Memorandum of Understanding (MoU) with six real estate developers to enable customers access mortgage loans.
The agreement will see Fidelity and the real estate developers – Integral Associates, GHS Housing, Adom City Estates, Priority Homes, Blue Rose Developers and New Oak – collaborate in the mortgage financing sector to make acquiring homes easier.
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, the Divisional Director, Retail Banking, Nana Esi Idun-Arkhurst, stated that: “Home ownership is an integral part of the Ghanaian dream but the cost of financing a housing project can be prohibitive. Unfortunately, only a few financial institutions in Ghana offer mortgage financing. As one of the few institutions providing mortgages, this partnership will expand our mortgage financing offering so that we can help more people achieve their dream of owning a home and reducing the country’s housing deficit.
“The signing of this MOU with our eight (8) real estate partners is also a firm demonstration of our belief that serving our customers successfully requires collaboration with key stakeholders. Together, we will make mortgage financing more accessible for our customers and potential customers,” Nana Esi added.
Ebo Acquah, CEO of Blue Rose Real Estate developers who spoke on behalf of all real estate developers present, said they are happy partnering with Fidelity Bank to expand the bank’s mortgage financing proposition.
He said: “We are thrilled to take this step with Fidelity Bank in ensuring that we provide solid financial support for people who wish to own their homes. The obvious fact today is that the price of already-constructed houses in Ghana is way above what the average Ghanaian can afford. But with this partnership, we are confident that mortgages will be easily accessible by all; and we will contribute to making a significant dent in the challenges facing Ghana’s housing sector”.
