IN line with the growing need for mortgage services across the country, Resort Savings and Loans Plc, at the weekend, said it is poised to extend its operations to five more states, including Kano, Imo, and Kwara, where it is already developing estates.

     Managing Director of the company, Mr. Abimbola Olayinka, who disclosed this to our correspondent in an exclusive chat, said RSL is "seriously preparing to start up business operations in Ilorin, Kano, Owerri, Aba and other locations that are in dire need of such services."

  Describing the mortgage sector as "a new development in Nigeria, which is gradually gaining momentum in the economy," he, however, observed the need for concerted efforts among operators, in conjunction, with the Federal Government, to create the needed awareness on how Nigerians, especially the middle class could key into the programme. 

    We want to add value and create wealth for the nation; this is the reason we are currently contemplating to start up business operations in Ilorin, Kano, Owerri, Aba and other locations that are in dire need of our services," the RSL Managing Director said.

 Meanwhile, in ensuring optimum customer satisfaction, the bank said it has introduced additional range of products.

 Head of Business Development, Mr. Yemi Popoola, who made the disclosure in a statement, said the products introduced are tailored to meeting growing customer needs in the mortgage sector.

  He listed the products to include Resort Home Renovation Loan, the Resort Early Home Owners, and Resort Non-Interest Saving Account.

   The Resort Early Home Owner, according to Popoola, is conceived out of the rationale of ‘'why stay in a rented apartment when you can as well move into your own house and take it as mortgage."

   Managing Director of the bank, Olayinka stressed his company's concern about the seeming lack of awareness and exposure to the enormous potentials of the mortgage sector with regards to "alleviating the needs of Nigerians through mortgage services that will ensure they become house owners and not house tenants.

  "An average Nigerian," he said, " builds a house for five to six years; but the whole concept changed overtime such that, instead of saving and building for over five or six years, you can move into a house now, stop paying your rent and enjoy good facility ; you can also enjoy capital appreciation on the property from the first day you purchased it," Olayinka said.

   According to him, the knowledge of this potential propels the RSL's branch network expansion to other States to help more Nigerians access the services. He added that the move would also entail establishment of Cash Offices that would remove the natural barrier of distance. 

   In the same vein, he observed that the company is vigorously complementing its expansion drive with robust IT infrastructure upgrade and modern technologies of Automated Teller Machines (ATMs), ATM cards and electronic networking channels.

  "Being a company that is technology-driven, expansion cannot be successful without upgrading IT Infrastructure. The modern technologies of ATM machines, ATM cards, and electronic networking channels would be procured and introduced side-by-side the expansion. This would ensure that the company fits into the global perspective of a mortgage company," Olayinka said.

    On the bank's new products, he said the Early Home Owner targets fresh graduates "who have recently secured employment or anyone with the desire to acquire their own asset. The idea is to encourage easy savings towards this target."

   "The product targets customers between the ages of 25 and 40 years, the maximum loan amount is N6 Million, the facility tenor is up to 10 years and customers are expected to have an equity contribution of 30 percent."

   Poopola added that savings deposits attract interest.