Stanbic IBTC Pension Managers is enabling its customers to access up to 25 percent of their Retirement Savings Account (RSA) balance as equity contribution for residential mortgages, thereby, living up to one of its core values of serving their clients.
With this milestone, the PFA is actively closing the affordability gap in Nigeria’s mortgage sub-sector and improving the standards of living of its RSA holders.
The pension fund administrator (PFA) based on the Q2 2023 report released by the National Pension Commission (PenCom), has successfully paid out N1.6 billion to 150 customers as at 03 October 2023, enabling them to become proud homeowners.
This occurred following the implementation of an approved guideline on accessing the Retirement Savings Account (RSA) balance towards payment of equity contribution for residential mortgages by RSA holders released by the National Pension Commission (PenCom) on 23 September 2022.
The chief executive, Stanbic IBTC Pension Managers, Olumide Oyetan, said: “as an organization, one of our main objectives is to ensure that our clients retire well, which aligns with enabling our customers to become homeowners.
“We leverage customer data and insights which help us to be proactive in meeting their needs. Our team works diligently to ensure that our clients can access a portion of their pension savings as equity contribution towards residential mortgage applications if they meet the required conditions as prescribed by PenCom.”
This achievement comes on the heels of steady growth in assets under management (AUM) and a customer base of over 2 million customers as at end of June 2023, thereby, positioning the organisation as a leading PFA delivering long term competitive returns across its various funds.
The recent addition of Experience Centres across major cities is also aiding its commitment to excellent service delivery to clients. This is in addition to various upgrades to its digital touchpoints such as its mobile app and multilingual call centre.
Oyetan further commented that customers who opt for additional voluntary contributions towards retirement through the Voluntary Contribution option are able to access even more funds to meet their objective when securing their dream homes.
Customers can visit the Pension module of the Stanbic IBTC Mobile App or the Stanbic IBTC Pension Managers website to learn more about the application requirements or get other information on the application process.
