Aso Savings and Loans: All You Need To Know

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Aso Savings and Loans
Aso Savings and Loans

Aso Savings and Loans: All You Need To Know

About the company: ASO Savings and Loans PLC of Nigeria offers mortgage banking products tailored to individual, business, and real estate investment banking needs. Their offerings span individual banking solutions, business banking solutions, home finance options, electronic (e)banking options, and real estate investment banking. Individual banking solutions provided by ASO Bank include ASO Current Accounts, Non-Target Savings Accounts, and Savings for Mortgages, Other Applications, and Personal Loans, while its business banking offerings consist of corporate current account services and ASO Fixed Deposits.

Home finance solutions offered by ASO Properties include MyResidential Mortgage, MyBusiness Mortgage, the National Housing Fund (NHF), and its MyHouse Purchase Program (ASO Properties). E-banking options provided include mobile phones, Web/Internet banking, automated teller machines, and point of sale (POS).

Real estate investment banking offered services including residential and commercial real estate finance syndication, financial advisory (both commercial and residential real estate), and integrated financing.

ASO Savings & Loans PLC is one of the leaders in the mortgage market in Nigeria. It was founded on November 9, 1995. ASO has been in business for a total of 13 years, and since 2006, ASO's financial efficiency has significantly improved.

As an active banker in the mortgage segment, ASO has originated mortgages for over 12,000 residences using a mixture of direct construction, partnerships with developers from all over the world, and collaborations in conjunction with the Federal Capital Territory Administration.

Mortgages are a type of where real estate is used to serve as collateral. The borrower signs an arrangement with the lender (usually one of the banks), and the lender provides cash in advance and makes installments in a time frame until he is able to repay the lender fully.

  • Mortgage Tenor: 10 years
  • Minimum opening balance: $10,000
  • Savings period: 6 months
  • Equity contribution: 15%

Requirements for accessing an NHF

  • Open a savings account with a registered Primary Mortgage Institution (PMI)
  • Contribution to the fund for at least six months prior
  • Have satisfactory evidence of regular flow of income to guarantee the loan
  • Submit photocopies of valid title documents (e.g. C of O)
  • Approved survey/site plans
  • Approved building plans
  • Priced bill of Quantities where applicable
  • valuation report prepared by a firm of registered surveyors and valuers, where applicable
  • Letter of consent to mortgage to your chosen PMI
  • Apply on a prescribed mortgage loan application form
  • Offer letter, acceptance letter, and Allocation letter (In case of government projects)
  • In case of registered self-employed applicant, a copy of Articles and Memorandum of Association and a copy of Certificate of Incorporation as evidence of employment status must be submitted

Contributors are eligible to receive a maximum amount of N15 million, which can be repaid over a 30-year period. This is at an interest rate that is affordable. 6 percent of the loan amount. 20 percent equity must be obtained from the person who contributed.

Peer analysis

Company Revenue (TTM) Net income (TTM) Market cap Employees
Town Center Bank 6.33bn 3.03bn 19.87bn
PFS Bancorp Inc 8.85bn 1.36bn 19.93bn 23.00
Glen Burnie Bancorp 18.00bn 1.93bn 20.50bn 84.00
Bank Kuznetskiy PAO 7.93bn 1.60bn 20.85bn
ASO Savings and Loans PLC -100.00bn -100.00bn 21.00bn
Patriot National Bancorp, Inc 78.29bn -4.47bn 21.20bn 130.00
Teb Bancorp Inc 13.42bn 5.14bn 21.26bn 103.00
Alisa Pankki Oyj 29.37bn 447.68m 23.13bn 78.00
Data as of Jun 30, 2017. Currency figures normalised to ASO Savings and Loans PLC's reporting currency: Nigeria Naira NGN
  • LOCATION: ASO Savings and Loans, PLCPlot 266, FMBN BuildingCentral Business District, Cadastral Zone, AOABUJANGERIANGA
  • PHONE: +234 55974602
  • FAX: +234 94611589


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