Seso Global partners with First National Bank to launch E-Mortgage Platform
Seso Global, Africa’s leading digital property marketplace, has collaborated with First National Bank Ghana to launch the continent’s first e-mortgage platform for both Ghanaian and foreign real estate buyers. This new state-of-the-art platform will significantly enhance the process of investing in real estate in Ghana by allowing individuals to digitally search, submit and manage their mortgages.
Ghana has become one of the most attractive destinations for business and leisure in Africa. In 2021, CNN named Ghana among the 21 best countries to visit globally. Furthermore, the country’s travel industry is projected to raise $8.3 billion annually by 2027. Ghana’s status as a global hub has been underscored by the much-publicized success of the “Year of Return” initiative, a government-backed program that attracted millions of diasporans from around the world to reconnect and invest in their cultural homeland. It is no surprise then, that the country has also seen a significant increase in the demand for its real estate. Additionally, the emergence of established real estate developers and the upscale property has created a friendly market for foreign investors and made Ghana a top real estate investment destination. In comparison, however, Ghana’s real estate financing ecosystem has only marginally expanded over the years, making it relatively challenging for people to access the funds they need to buy property.
The creation of the innovative e-mortgage platform by Seso Global and First National Bank is an immensely important development in Ghana’s real estate industry. A great example of this is the fact that until now, only Ghanaians and resident non-Ghanaians with a resident and working permit have been allowed to obtain mortgages in Ghana. However, the e-mortgage platform is unique because it offers the first mortgage product that is available for both Ghanaians and non-citizens, whether resident or non-resident. This provision is especially important within the context of the increased demand for property in Ghana from the Diaspora and other foreign investors. Additionally, the platform will allow individuals to submit their mortgages and get feedback digitally which will simplify and ease the property purchasing process, significantly reducing transaction delays.
“As a leading provider of home financing solutions in Ghana, First National Bank understands the difficulties non-resident Ghanaians grapple with when it comes to homeownership. Many of them have had their trust betrayed by relatives and friends” says Mr. Dominic Adu, Chief Executive Officer for First National Bank. “The partnership between two credible brands like Seso Global and First National Bank to launch this e-mortgage platform means instances where individuals abroad are defrauded by friends and family back home will significantly reduce. Access to home loans in Ghana will be easier, faster and hassle-free”, he added.
Interested property buyers can research and access this exclusive mortgage product on the e-mortgage platform with the click of a button. The suite of mortgage products, denominated in both GHS and USD, are competitively priced and applicants are eligible to qualify for additional discounts of up to 1.5%.
In addition to the reliable online support it offers on its digital platforms, Seso Global also provides comprehensive in-person support for real estate clients in major cities around the world. In 2022, Seso Global launched new permanent offices in Los Angeles, CA, Columbus OH, and London, UK, staffed with expert sales representatives who will exclusively cater to clients with diverse real estate needs.
Seso Global has built Africa’s most trusted property marketplace which is a unique one-stop shop for digital real estate transactions. Through a unique ecosystem of services, they offer buyers access to trusted properties as well as professional service providers. This allows for a secured, efficient, end-to-end property purchasing experience along the real estate value chain. Seso Global is committed to developing networks and building more partnerships that make it safe and easy to successfully invest in African real estate.
First National Bank has been in the Ghana market for the last seven years operating eleven branches across three regions. In May 2022, First National Bank acquired a 100 percent stake in GHL Bank (formerly Ghana Home Loans).
Renowned as one of the most prestigious banks in South Africa, First National Bank has expanded across the continent and established itself in major economies including Ghana, Botswana, Mozambique, Zambia, and Tanzania. This year, the bank launched the Build Up 2022 homeownership initiative to help many Ghanaians to get onto the property ladder. The initiative has helped people with home ownership needs to build or complete their housing projects. Existing homeowners also get to build wealth by releasing equity in their property for cash.