…Partnership to unlock opportunities in blockchain and real estate
A real estate blockchain startup, HouseAfrica.io has entered a deal with the Nigeria Mortgage Refinance Company (NMRC) to install a digital land/property title validation and verification system called Propvat.com.
The invention is capable of helping people and institutions to validate and verify the value of any landed property in any part of the country as it improves the amount of mortgage financing businesses in the country.
NMRC disclosed this on Twitter on Wednesday before the Virtual Abuja International Housing Show.
While issuing a statement on the partnership, the Head of ICT and Business Process Operations at NMRC, Taofeeq Olatinwo said, “NMRC is delighted to partner with HouseAfrica in solving the land tilting issues to strengthen the housing market in Nigeria.”
Nnamdi Uba, Co-Founder and CEO of HouseAfrica.io in his own address on the signed pact revealed that opportunities abound for Nigerians.
“The partnership will help unlock trapped assets and capital in residential real estate valued at over 300-900billion USD. And then wealth creation through increased access to credit and growth in mortgage penetration by as much as 3% – 5% of GDP over a 5-10 year period (subject to increased adoption and user rates).”
NMRC was licensed on February 18, 2015 to promote delivery of affordable housing to Nigerians through mortgage refinancing.
When a Co-Founder and COO at HouseAfrica.io, Ndifreke Ikpoku commented on the deal, he said: “The partnership is another milestone for us, the Nigerian real estate space and blockchain family.”
HouseAfrica.io is a real estate targeted start-up which has its headquarters in Nigeria. It leverages evolving technologies like Blockchain to make property transactions secure, transparent and affordable. It won the “Best African Blockchain Startup at the 2019” in 2019 at the AfricArena Conference – Fantom Blockchain Challenge and was also part of the startups nominated for the AfriTech accelerator 2019 cohort.