By Timothy Choji, Abuja
The Federal Executive Council on Wednesday approved N487 million for the procurement of a banking application software for the Federal Mortgage Bank of Nigeria.
Works and Housing Minister, Babatunde Fashola, under whose Ministry the bank is a parastatal, disclosed this while briefing State House Correspondents at the end of the weekly cabinet meeting chaired by President Muhammadu Buhari.
Fashola said the introduction of the software would boost the efficiency of the mortgage bank, in line with modern banking techniques.
He said: “The other memorandum I presented, which was approved, was for the procurement of a core banking application software for the Federal Mortgage Bank in the sum of N487,394,285.71, to enable the bank provide all of the frontline services that other banks now provide in all of its branches nationwide.
“Unlike other banks, the Federal Mortgage Bank is still unable to send automated notices, statements and all of those things, to National Housing Fund contributors; all the types of alerts you get and operating accounts form any branch irrespective of where you maintain your account.”
Fashola noted that the application will now enable the Federal Mortgage Bank to do a lot of automation, reconciliation, loan and credit processing when fully installed.