In a country battling one of Africa’s most severe housing crises, you’d expect Nigeria’s largest bank by assets to lead the charge in mortgage lending.
Newsonspot gathered that Access Bank’s latest numbers suggest the opposite: a disappointing retreat from the very sector that needs urgent investment.
According to its Q1 2025 report, only ₦289.3 billion—a mere 2.3% of its staggering ₦12.2 trillion loan portfolio—is allocated to mortgage lending. Even more troubling, this is down from ₦318 billion in December 2024. Rather than making progress, Access Bank seems to be backtracking.
The Contrast Is Stark
Nigeria’s housing needs are well documented. Millions of citizens remain locked out of the formal housing market, and institutions like the Federal Mortgage Bank of Nigeria (FMBN) have set ambitious goals: 20,000 new mortgage loans and 5,000 homes per year.
Yet, Access Bank appears disconnected from this national mission. While First Holdco nearly doubled its mortgage lending from ₦133 billion in 2023 to ₦264 billion in 2024, Access Bank—despite its much larger asset base—is doing far less. And what’s more alarming is the ₦9.1 billion in expected credit losses from mortgage loans, pointing to possible flaws in risk management or inadequate borrower support.
Is the Bank Simply Uninterested?
This raises a bigger question: Has Access Bank deprioritized everyday Nigerians in favor of corporate lending and high-return deals? In the face of growing urbanization, a booming youth population, and worsening housing shortages, the bank’s mortgage numbers feel not just underwhelming—but negligent.
The Central Bank and housing authorities have consistently emphasized the need for more private-sector participation in housing finance. Yet Access Bank’s silence speaks volumes. There’s been little innovation, no aggressive push toward digitizing or simplifying mortgage processes, and no real leadership in making long-term home financing accessible.
A System Broken by Inertia
Nigeria’s mortgage ecosystem is already hobbled by high interest rates, slow loan approvals, and rigid eligibility criteria. What the system needs is energy, creativity, and serious capital commitment from major players. But Access Bank’s posture suggests it’s more focused on growing its commercial loan empire than supporting the real economy and helping families own homes.
The result? A deepening divide between the country’s housing needs and the financial firepower needed to solve them.
The Bottom Line
Access Bank may be topping asset charts, but when it comes to social responsibility, it’s missing in action. Its mortgage portfolio is shrinking, its risk management is questionable, and its contribution to housing development is woefully inadequate.
In a time when banks should be partners in national progress, Access Bank’s approach to mortgage lending looks more like neglect wrapped in inertia—a troubling signal for anyone hoping to own a home in Nigeria.
