Accra, Monday, 10th October 2022 – Republic Bank (Ghana) PLC, a pioneer in the mortgage business in Ghana, has added yet another product to its mortgage product portfolio. Republic Bank Pension Backed MortgageThis product allows office workers to use their Tier 2 and Tier 3 contributions as security towards their primary home purchase. This is in line with the provisions of the Pensions Regulation Act, Law No. 766 of 2008.
Benjamin Zobok, managing director of Republic Bank, said at launch that mortgage financing has been a hallmark of the bank for more than 32 years, formerly known as Home Finance Company (HFC). said. “We are proud to be the premier mortgage institution in Ghana with a rich and diverse portfolio of mortgage products and services, thus marking another milestone in our pioneering journey history. I am thrilled to be here to witness the birth of a new home loan financing in Ghana,” said Dzoboku.
A guest speaker at the event, David Tette Amey Abbey, Deputy CEO of the National Pensions Regulatory Authority (NPRA), spoke about the significant contribution that Republic Bank has made to the mortgage industry in Ghana and the current housing shortage situation in the country.
He said that while many mortgage lenders have approached authorities about offering products backed by individual contributor pensions, “our role as a regulator requires strict compliance with the law.” It is to perform due diligence on these offerings in order to secure and facilitate a sound partnership within the financial ecosystem.”
Tetteh-Ameh Abbey further elaborated on the bank’s persistence in mass-producing mortgage products since Pension Act 766, which was enacted almost ten years ago, said that Ghanaians were the primary source of housing. We made sure to provide opportunities to access pension contributions. Republic Bank said he was one of the first banks to approach the NPRA to offer such a product, and to this day, the bank continues to grow as they were the very pioneers of mortgages in Ghana. It continues to show that it plays a very important role in the development of the industry. “Added.
Speaking on behalf of Republic Bank’s Chairman of the Board, Director David Ad Achon, following the progress the bank has consistently made through the launch of various products and services to enhance the customer experience, said: , urged the Bank to continue. According to him, it will lead the bank to achieve its projections, offering customers superior products and superior service as key differentiators to take advantage of.
In his remarks, Thomas Esso, executive director of the Board of Trustees, encouraged members of the Board of Trustees to consider Republic Bank’s annuity-backed mortgages for a variety of clients.
Dan Adjetey Mohenu, Head of Mortgage Banking at Republic Bank, highlights the benefits of the product, including 100% funding, fast processing times and complementary credit cards.
Some trustees, including Republic Trust, Metropolitan Trustees, Axis Pensions Trust, NHIS Provident Fund, NBC Trust and others have signed on to work with Republic Bank on annuity-backed mortgage products.
The launch event was attended by the board and management of Republic Bank Ghana, representatives of the Bank of Ghana, trustee and real estate company CEOs, bank customers and the media.