It is the issue of interest rate on mortgage; it is very high and makes the process very expensive. So, that is one of the reasons why people still use cash; the real issue is the interest rate. For instance, the Nigerian Mortgage Refinance Company has been set up to provide long-term financing to mortgage banks with 20-year tenor. Most people do not have mortgage bank accounts and therefore it is difficult for mortgage banks to sort out mortgage funds. The most important thing that will now help the market to open up is to get the interest rate down.

Source: Punch January 21, 2018 22:52 UTC