One of the Ghanaian-Owned Banks making strides in the mortgage financing sector, Fidelity Bank, has signed a Memorandum of Understanding with some Estate Developers to provide affordable mortgage loans to its customers.
The agreement will see Fidelity and the real estate developers such as Integral Associates, GHS Housing, Adom City Estates, Priority Homes, Blue Rose Developers, and New Oak, collaborate in the mortgage financing sector to make acquiring new homes easier for customers of Fidelity Bank.
Nana Esi Idun-Arkhurst, the Divisional Director of Retail Banking at Fidelity bank, while speaking at the signing ceremony, expressed her excitement over the partnership. She indicated that the lack of a proper financing structure in the country means that many Ghanaians are unable to acquire homes with a proper payment plan. She asserted that the new partnership will yield the necessary results and help a lot of Ghanaians to own decent homes.
“Homeownership 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 housing deficit in the country.”
Nana Esi Idun-Arkhurst
Fidelity bank Committed to Developing the Real Estate Industry
Nana Esi Idun-Arkhurst added that Fidelity Bank’s partnership demonstrates the bank’s commitment to developing the real estate industry.
“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 Idun-Arkhurst
Ebo Acquah, CEO of Blue Rose Real Estate Developers, who spoke on behalf of all real estate developers present, also expressed his joy over the agreement reached, noting that they are happy to partner with Fidelity Bank to expand the Bank’s mortgage financing proposition. The CEO, meanwhile, bemoaned the cost of building houses in the country. He called on the government to try and do something about the high cost of building materials. This, he stated, will eventually decrease the cost of building houses in the country.
“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 the housing sector in Ghana.”
Ebo Acquah
This latest partnership followed an earlier agreement signed between the Fidelity Bank and NTHC Properties, Appolonia Development Company, and Trasacco Estate Developers in 2021.
READ ALSO: Ghana Should Have Received 51-60% of Revenue in Oil Production in the Last Decade- Dr. Acheampong
