Lagos plans digital platform for monthly rent payment

Lagos plans digital platform for monthly rent payment

The Lagos state government has unveiled plans to build a digital rental platform for monthly rent payments by residents of the state.  

The state government disclosed this in a document titled EKO Revenue Plus Summit, themed “Unlocking New Revenue Streams for Lagos State” where the state planned to raise N2.5 billion per annum from an estimated 100,000 subscriptions annually.  

According to the report, the digital platform will be co-owned by the Lagos state government through agencies such as the Lagos State Ministry of Housing and other MDAs in the state as technical partners. 

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t states, “Lagos Rent Payment Platform- A digitized monthly payment platform co-owned by LASG to activate payment of monthly rents. Income is from transaction fees of an estimated 100,000 transactions monthly @ 5% Transaction Fees are estimated at N2.5b p/a” 

The state government’s document also stated that it will invest around N300 million in building the digital platform, operations, marketing, and promotions in the next 4 to 6 months.  

The document’s disclosure follows a similar statement by the state’s commissioner of Housing, Mr. Moruf Akindeli-Fatai where he affirmed its commitment to launching the monthly rental scheme and acknowledged that access to affordable financing remains a significant challenge, especially for low-income households in Lagos State. However, he noted that affordable housing is a global challenge, with rising prices and rents worldwide. 

Lagos plans digital platform for monthly rent payment