To forestall the rate of fraudulent activities within the nation’s real estate sector and also to help create reliable database for the industry, a tech innovation blockchain startup, HouseAfrica.io focusing on real estate, has signed a partnership agreement with Nigeria Mortgage Refinance Company (NMRC), to deploy a digital land or 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.
The NMRC made this known during the just concluded Virtual Abuja International Housing Show. According to Taofeeq Olatinwo, head of ICT and Business Process Operations at NMRC, “NMRC is delighted to partner with HouseAfrica in solving the land titling issues to strengthen the housing market in Nigeria.” Reacting to the partnership, co-founder and CEO of HouseAfrica.io Mr. Nnamdi Uba, noted that the partnership will unlock a lot of opportunities for Nigerians.
The partnership he added will help to unlock trapped assets and capital in residential real estate valued at over $300 billion to $900 billion and then wealth creation through increased access to credit and growth in mortgage penetration by as much as 3 percent to 5 percent of GDP over a 5-10-year period (subject to increased adoption and user rates). On the overall significance of the partnership between NMRC and HouseAfrica.io, the Chief Operating Officer of HouseAfrica.io Ndifreke Ikpoku, pointed out that the partnership is another milestone for us, the Nigerian real estate space and blockchain family, adding that with the quality of highly trained professionals comprising of Lawyers and Estate Valuers on the portal at Propvat.com.
