Guinea: FiBank to offer mortgages
This is a first in Guinea.Developer Diamond Plaza and FiBank have signed an agreement to deliver mortgages to customers wishing to purchase a property at the Diamond Plaza, a major real estate project in Guinea.
According to Aminata.com, this project is a first for FiBank and marks the arrival of housing finance in Guinea.
This initiative is expected to boost the national economy by contributing to the development of the financial market in the strategic construction sector.
The country's financial market is structured around banking, microfinance and insurance. Guinea does not have a corporate debt market, secondary market or derivatives market.
The country's authorities have recently undertaken reforms to increase efficiency and to allow the financial system to comply with international standards. Banking supervision has been strengthened.
Reforms in the sector have led to an increase in the required capital and liquidation of a bank. Fourteen banks are active, one of which opened in 2013.
Commercial banks currently offer a very limited range of affordable consumer credit products.