ABOUT US SECTION
About Us
Vision Statement
Mission Statement
 
About Us :

The National Social Security and Insurance Trust (NASSIT) is the promoter of the company.

As part of NASSIT investment programme for 2004, it decided to invest in the area of home financing to complete the loop involving NASSIT, Estate developers and potential home owners. In terms of how to carry on with this investment, NASSIT was faced with 2 options:

  • To initiate and promote the formation of a company and invite interested investors to participate in the financing and management of the company; or
  • Collaborate with existing ventures in the mortgage business.

NASSIT initially pursued the idea of a quasi-merger with an existing Home Finance Company through a special purpose vehicle but after considering additional options, the Board of Trustees approved the incorporation of a new company absolutely independent of any existing mortgage finance company in the country.

In June, 2005 the Trust signed a memorandum of understanding with the HFC Bank (GH) Ltd to provide technical assistance for the establishment of mortgage finance institution in Sierra Leone. A technical assistance proposal was submitted by the HFC Bank and accepted by the Board of Trustees.

Phase one was to assess the feasibility of establishing a mortgage finance institution in Sierra Leone. The study concluded that it is feasible to set up a Home Finance Facility in Sierra Leone with the following recommendations:

  • Ownership Strategy: A joint venture option with other stakeholders especially the Insurance companies and the Banks
  • Concept and Form: That the company commences as a primary dealer. As a primary dealer, the company will solicit its own mortgage clients and finance their mortgage requirements.
  • Operational Strategy: The company is incorporated not only as a mortgage finance company but also as a deposit –taking non-bank financial institution
  • Marketing Strategy: Target resident and non-resident Sierra Leoneans both in the formal and informal sector.
  • House Type: The core-housing concept - finance a one-bedroom, two bed rooms and three-bedroom self contained house with basic finishing

In June 2007, NASSIT Board of Trustees approved a proposal presented by HFC Bank Ghana for phase two of the technical assistance with the following project execution plan:

  • Preparations of the business plan to provide operational and financial guide for the company.
  • Implementation of project. Setting up the organisation, institutional development, and establishment of procedure and training.
  • Initial Operating Period. HFC Bank (GH) Ltd to appointed a Managing Director for a period of three years to work closely with a Sierra Leonean counterpart whom will take over after the initial three-year period

The company was incorporated in July 2007 as a private limited liability company and received its business registration license in October of the same year.

In September 2008, the Bank of Sierra Leone issued the company with a license to operate as a non-bank financial institution under the Other Financial Services Act, 2001

In June 2009, the Sierra Leone Parliament enacted the Home Mortgage Finance Act 2009. Being an Act to regulate home mortgage financing and institutions, which carry on home mortgage financing and to provide for other related matters.

The company commenced operations on 2nd September 2008 and was officially inaugurated on 10 July 2009.

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