In the midst of a deepening housing crisis in Nigeria, Access Bank, the country’s largest lender by assets, has shown a shockingly lackluster commitment to solving one of the nation’s most pressing problems. According to its Q1 2025 report, only N289.3 billion of its N12.2 trillion loan portfolio has been allocated to mortgage lending — a measly 2.3%.
This paltry figure stands in stark contrast to Nigeria’s dire need for accessible home financing. Despite the Central Bank and housing authorities pushing for housing development and increased mortgage access, Access Bank appears content with sidelining the sector.
Worse still, this mortgage figure is a decline from the N318 billion reported in December 2024, indicating regression rather than progress. Even more concerning is the bank’s N9.1 billion in expected credit losses from its mortgage loans, suggesting poor risk assessment, questionable loan quality, or lack of adequate support for borrowers.
Falling Behind Peers
Compared to competitors like First Holdco, which nearly doubled its mortgage lending from N133 billion in 2023 to over N264 billion in 2024, Access Bank’s figures are far less impressive, especially when considering its significantly larger asset base.
This raises questions: Is Access Bank simply uninterested in helping ordinary Nigerians own homes? Or is the bank’s size blinding it to social responsibility?
A Broken Promise in a Broken System
Nigeria’s mortgage sector is already plagued by high interest rates, slow loan processing, and rigid eligibility requirements. With the Federal Mortgage Bank of Nigeria targeting 20,000 mortgage loans annually and 5,000 new homes per year, one would expect a banking giant like Access Bank to take a leading role. Instead, its negligible mortgage lending indicates a troubling disconnect from national development priorities.
A Call for Accountability
Experts and stakeholders have long argued for technology adoption, simplified processes, and improved access to long-term funding in the mortgage sector. But these calls appear to fall on deaf ears at Access Bank, where the mortgage unit seems to be treated as an afterthought.
As Access Bank continues to expand its commercial loan empire, one has to wonder if it has completely lost sight of the real economy and the ordinary Nigerian’s dream of owning a home.
In a country with a growing youth population, rapid urbanization, and an urgent housing deficit, Access Bank’s mortgage portfolio tells a story — and it’s not one of leadership, but neglect, inertia, and misplaced priorities.
