- There are frantic efforts by many companies in Nigeria to wade into the rent problem and ease the sufferings of Nigerians
- The National Pension Commission recently announced that Nigerians can now use their pension funds for rent
- To ease the sufferings of rent payers, a company, Shelta unveiled the second phase of its Rent Payer scheme to help landlords and tenants find solutions to rent issues
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Recently, the National Pension Commission (PenCom) announced that pensionable Nigerians could use their pension funds for mortgages, mostly rental mortgages, to ease their sufferings.
According to PenCom, the contributory pension scheme in Nigeria is beneficial in several ways, including rent payments, among other things.
Firm moves to tackle rent challenges for Nigerians
PenCom's move underscores the problems millions of Nigerians face who struggle to cough out huge sums yearly for rent, a practice only available in Nigeria in Africa.
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But a company has risen to tackle the rent problem in the country through its Rent Payer scheme, which was first launched in 2021 to solve the rent issues in the country with a tech-driven rent financing solution.
Shelta, a Pro-tech startup, was established to solve the common problems experienced by property owners, property users and their facilities.
The company initially developed the Rent Payer scheme for its clients living in properties it manages.
With the massive demand for rent financing and accommodating all tenants that meet the minimum application requirements, Shelta unveiled The Rent Payer 2.0 in the memorial of its first anniversary.
Nigerians to manage their rent issues seamlessly
The service is now available to everyone and not only to properties managed by Shelta.
The version was launched on the 28th of September, 2022, at the Sustainable Innovation Hub in Abuja.
According to the CEO, Austin Igwe, the service only reaffirms the company's commitment to providing sustainable living in Africa, starting with Abuja, Nigeria.
The company said the service aligns with the government's rent financing solution to bring Nigerians the much sought-after relief needed in the housing sector.
The scheme creates a meeting point between landlords and tenants, where both parties go home smiling, and tenants unable to pay rent can apply for Rent Financing while landlords still get annual full rent payment.
Head of Legal at Shelta, Ehimen Dic-Ijiewere, said that Shelta had secured strategic corporate partnerships with Fin-techs, insurance bodies, credit bureaus and financial institutions to drive its solutions.
TheCable reports that Austin Igwe, chief executive officer (CEO) of Shelta, said there is no insurance against loss of job, and if a tenant finds himself in that situation, rent would not be paid.
"Commemorating our year anniversary, Shelta launches the SMART Associate promo that runs to the end of the year," Dic-Ijiewere said.
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Nonso Mabele, a partner at Shelta disclosed that the scheme is a marketing system open for everyone to earn on the Smart Realtors system.
Guidelines for converting your pensions to mortgage in simple steps
Legit.ng reported that He outlined the steps needed to get a mortgage financed by the pension administrator.
Recently, the National Pension Commission approved the guidelines for accessing the Retirement Savings Account balance to pay equity for residential mortgages.
According to the National Pensions Commission (PenCom) Act Section 89 (2), account holders can use a portion of their Retirement Savings balance to pay equity for residential mortgages.