The National Pension Commission has directed Pension Fund Administrators and Pension Fund Custodians to immediately stop accepting or processing equity contribution applications submitted by seven Primary Mortgage Banks over alleged non-compliance with its housing loan guidelines.
Speaking with news men, the spokesman for PenCom, Ibrahim Buwai, explained that the decision followed the failure of the affected mortgage banks to generate the loans for which pension funds had been approved.
He then said that whenpolicies like these are implemented, there would be rules and guidelines, of which the whole purpose of giving access to RSA holders is to enable them to own houses through mortgages.
