The inauguration of iVantage’s banking and property solutions took place at the Lagos Continental Hotel on Tuesday, November 15, in the presence of prominent members of the real estate sector.
Proptech services are provided by iVantage to mortgage banks and real estate developers. In order to keep up with the expanding technical needs of the modern world, they assist their clients in digitizing activities.
Financial transactions are increasingly done online in Nigeria due to the country’s growing usage of technology. E-payment transactions reached a total value of NGN 238.7 trillion between January and August of this year, a 50% rise from the same period last year, according to figures from the Nigeria Inter-Bank Settlement Systems (NIBSS). This figure shows that financial institutions must adopt the technology. Financial service firms can expand their customer base, increase convenience and accessibility, and reduce expenses by utilizing technology. This is the market niche that iVantage is targeting.
In his opening remarks, Femi Johnson, who is the managing director of Homebase Mortgage Bank and a director at iVantage, said, “iVantage has positioned itself to take advantage of the market’s need for customized, cutting-edge technological solutions for the financial services industry.” The mortgage banking and microfinance sectors will be iVantage’s initial focus.
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iVantage’s New Solution
iVantage uses technology to assist mortgage banks in growing and meeting the digital needs of their clients. With its latest mobile banking app and property solution, Ivantage is making it easier for mortgage banks, property developers, and end users to work together. Users like how easy and effective these solutions are, and real estate developers and mortgage institutions like how they lead to more sales and transactions.
Modele Ajayi-Bembe, the chief strategy officer at iVantage, also spoke at this occasion. She guided visitors through the functions of the recently released mobile banking and real estate software that was already made for Imperial Homes Mortgage Bank, one of iVantage’s partners. This mobile app allows customers to bank from home, open bank accounts easily, and verify their IDs online. Additionally, they can view properties that are up for sale, set aside money for those properties, and begin the mortgage loan application process to buy those properties.
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The Four Modules of The Application
Mobile banking module: customers can complete banking tasks like transfers, payments, and card requests through the mobile banking module.
Property module: Customers can use the property module to look for a place to live among properties that have already been checked out.
The blueprints for the building and the certificate of occupancy are also available here. Customers have the ability to reserve properties they want to pay for while they are still under construction and may also ask for a property inspection here.
Investment module: customers can monitor their fixed deposits in real time in the investment module.
Mortgage module: Customers can ask to purchase a property through a mortgage when they see it in the property module that they like. Here, customers can send in things like bank statements, resumes, personal information, and proof of income to be checked. Customers who currently have a mortgage can view it here, along with the interest rate, next payment date and amount, outstanding balance, and next repayment amount. They can monitor mortgage applications and check credit scores.
Modele Ajayi-Bembe says that the property module already has more than 22,000 pre-qualified properties. These homes have been checked out and are safe to buy with cash or a loan. Customers who are interested but lack the necessary equity might use this site to save money for it. Mortgage companies can copy this mobile banking solution and change it to fit their needs, like adding their own logos and changing the colors. One of the other things that were shown off at this event was the iVantage credit scoring product for mortgage banks and developers. Customers’ bank statements and two credit bureaus are connected by this solution.