Domineum builds and operates an anti-fraud back-office solution with the Federal Mortgage Bank of Nigeria.
Why Mortgage Tracking System in Nigeria?
A lack of transparency and controls in the operations National Housing Fund scheme has led to massive losses by Federal Mortgage Bank of Nigeria due to fraudulent activity which can be quickly and effectively mitigated by the solution architected and proposed by Domineum.
What is Mortgage Tracking System?
Mortgage Tracking System by Domineum deploys blockchain technology to ensure proper
end-to-end tracking of all funding and loan related activities and transactions with Federal Mortgage Bank of Nigeria.
Domineum Mortgage Tracking System covers loan monies, the intended real estate assets,
throughout the property development lifecycle – and including all other Bank programs.
How Does Domineum Mortgage Tracking System Work?
Domineum Mortgage Tracking System does not only ensure that all monies authorized are spent
only as intended but by keeping vast amounts of funds applied legally and within the system.
This can also only increase your reach and extend your ability to continue the great services core to the FMBN mission and allow you to positively impact the lives of even more
individuals and families.
Federal Mortgage Bank of Nigeria will also, in order to derive additional benefits, become
a promoter of the domineum LRS platform: as more States and stakeholders join the LRS ecosystem, the levels of fraud mitigation and prevention will rise, making it an order of business for the FMBN to encourage or mandate participation in the LRS ecosystem and blockchain – even for third-party non-domineum LRS providers.
What Does Domineum Mortgage Tracking System Do?
- Accurate and reliable tracking of property addresses and the associated coordinates
- Tagging of developer plans and property documents (permits, surveys, blueprints, GPS coordinates, photographs) to the originally approved real estate designation UI with interactive geospatial interface
- Redundant and immutable blockchain database architecture
- Stage based accounting throughout loan issuance, construction, and property sale processes