At the recently concluded AG Mortgage Bank Retreat 2024, Mr. Ademola Igbalajobi, managing director of SystemSpecs Technology Services Limited (STSL), delivered a compelling presentation that underscored the critical role of digital transformation in reshaping Nigeria’s mortgage sector.
Speaking alongside notable industry leaders, including Dr. Simon Ogwu, Executive Director/Chief Operating Officer, AG Mortgage Bank and keynote speaker Mr. Francis Ekeng, MD, Breezetek Technologies, Mr. Igbalajobi challenged traditional practices, urging mortgage providers to prioritize customer empowerment and internal efficiencies to remain relevant in a rapidly evolving market.
During his panel session on the theme “Digital Transformation, Innovation, and Growth,” Mr. Igbalajobi drew from his early experiences with mortgages to spotlight persistent inefficiencies in the system.
He observed that today’s customers are increasingly impatient, discerning, and tech-savvy, demanding faster and more inclusive services.
He stressed that mortgage providers must rise to these expectations, stating,
“If a customer knows within five minutes that they can secure a mortgage offer for a specific amount, you’ve captured their interest.”
He underscored the critical role of immediacy and clarity in engaging prospective homeowners effectively.
Mr. Igbalajobi observed that high rental costs and low-income levels present significant barriers for many Nigerians. He urged financial institutions to lower the target age demographic for mortgage products, making homeownership more accessible to younger populations.
He pointed out that many individuals under 35, who struggle to afford rents in urban centers or save for property investments, represent an untapped market segment. Mortgage providers, he suggested, must craft products tailored to this audience, offering affordable solutions that consider Nigeria’s economic realities.
A central theme of his address was the urgent need to create a seamless and efficient customer journey by digitizing and simplifying mortgage application processes.
Mr. Igbalajobi emphasized the importance of optimizing internal operations, advocating for stronger collaboration and improved efficiency across teams. He highlighted the necessity of eliminating delays in approval processes, urging organizations to leverage digital tools that provide real-time tracking of activities across the approval chain.
“If a document sits on a manager’s desk for two days, the system should notify the managing director, prompting action. This kind of accountability ensures customer needs are met promptly,” he stated, underscoring the importance of responsiveness and transparency in driving customer satisfaction.
By reengineering internal workflows, integrating digital monitoring tools, and fostering greater collaboration across departments, institutions can eliminate delays in the approval process.
Recognizing the disruptive influence of fintechs in the real estate sector, Mr. Igbalajobi also urged AG Mortgage Bank to adopt a collaborative mindset. He referenced successful partnerships between traditional financial institutions and fintechs, emphasizing the opportunities such alliances present in creating smarter, faster, and more customer-centric solutions.
“Fintechs are also innovating, but they cannot do it alone. They need you because you hold the licenses they cannot obtain,” he remarked, calling for a symbiotic relationship between traditional and emerging players.
Beyond digital transformation, Mr. Igbalajobi emphasized the critical role of empowering employees to efficiently facilitate transactions.
Drawing inspiration from advancements in international markets, he highlighted examples of real estate companies abroad that have digitized the entire home-buying experience, encompassing virtual property tours and seamless online mortgage applications.
“Imagine a scenario where a salesperson meets a customer on-site, discusses terms, and finalizes a mortgage agreement without the customer ever stepping into a branch,”he proposed.
This vision, while ambitious, reflects global best practices and underscores the immense potential for innovation within Nigeria’s mortgage sector.
Mr Igbalajobi also highlighted the need for continuous education and enlightenment. He urged mortgage providers to engage prospective customers through webinars and other knowledge-sharing initiatives designed to demystify the mortgage process.
He observed that many young professionals lack a clear understanding of how mortgages work or the benefits they offer.
By prioritizing customer education, he argued, institutions can build trust and attract a new generation of homeowners, particularly those currently feeling excluded from the housing market due to perceived complexities or costs.
Mr. Igbalajobi emphasized that the future transformation of AG Mortgage Bank—and the broader mortgage sector rests on two pivotal pillars: customer empowerment and employee engagement. He identified these as the twin drivers of growth, profitability, and long-term resilience.
“You have the customer base, the brand equity, and access to funding. The real challenge lies in harmonizing your systems and workforce to consistently deliver exceptional value and elevate the customer experience,” he concluded, underscoring the strategic imperative of aligning people, processes, and technology for sustained success.
SystemSpecs Technology Services Limited, under Mr. Igbalajobi’s leadership, continues to lead the charge in delivering innovative solutions that drive industry growth.
Through solutions like Pouchii, FundACause, and others, the company demonstrates its commitment to reshaping Nigeria’s financial landscape with technology-driven strategies.
