CPS: CBN, PenCom collaborate for workers to access 25% investment

Central Bank of Nigeria (CBN) and National Pension Commission (PenCom) are strategizing for workers under the contributory pension scheme to be able to access 25 percent of their contributions for investment in their own homes.

This is as Bankers’ Committee announced that both the Creative Industry Initiative and Export Initiative have entered implementation stages and  that operators in the sector should begin to submit their proposals for funding to their various banks.

At the end of the Bankers’ Committee meeting on Thursday, Managing Directors of FBN Quest Merchant Bank, Mr. Kayode Akinkugbe, Ecobank, Mr. Patric Akinruntan, FSDH Merchant Bank, Mrs. Ambah Hamda, City Bank, Mr. Akin Daodu, CBN director of Banking Supervision, Mr. Ahmed Abdulahi and CBN Director, Corporate Communications, Mr. Isaac Okorafor disclosed that when finalized, the 25 percent pension contribution will form the contribution of workers to building their houses to which they can then obtain the remaining 75 percent as loans from banks.

According to Hamba, “the 25 percent of RSA being made available to the holders as equity contribution for mortgages is a work in progress. 

“CBN and Bankers’ Committee would work with PenCom to make this a reality. 

“Once it becomes a reality, an RSA holder will then be in a position to walk up to his pension fund administrator and ask to access 25 percent saved up in his name and would like to borrow money to build a house. 

“With such approval, you will then approach your banker. It would make the bank very willing because you will then be coming with a sizeable sum of money where you would also contribute to the project”, she said.

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