HouseAfrica.io, a blockchain startup focusing on real estate, on Wednesday signed a partnership agreement with Nigeria Mortgage Refinance Company (NMRC), to deploy a digital land/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.
NMRC made the announcement on Twitter ahead of the Virtual Abuja International Housing Show.
Speaking on the partnership, Taofeeq Olatinwo who is head of ICT and Business Process Operations at NMRC said, “NMRC is delighted to partner with HouseAfrica in solving the land titling issues to strengthen the housing market in Nigeria.”
Also speaking on the Partnership, Nnamdi Uba, Co-founder and CEO of HouseAfrica.io, explained that the partnership will unlock a lot of opportunities for Nigerians.
“The partnership will help to 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).”
On his part, Ndifreke ikpoku, Co-Founder and COO at HouseAfrica said “The partnership is another milestone for us, the Nigerian real estate space and blockchain family.
The company is currently onboarding Lawyers and Estate Valuers on the portal at Propvat.com.