New platform offers interest-free installment plan for land buyers in Nigeria
Gamay Properties, a Lagos-based real estate firm, has introduced PayBit, an installment-based land payment platform that allows individuals to acquire property without paying the full cost upfront or incurring interest charges. According to the company, the platform is designed to address one of the major barriers to entry in Nigeria’s real estate sector—lack of flexible financing options.
Land prices in Nigeria have continued to rise, particularly in urban and peri-urban areas, making property acquisition increasingly difficult for average income earners. PayBit’s model enables prospective landowners to make monthly payments starting from ₦20,000 over a period of up to 12 months, with a price-lock feature that protects buyers from inflation over the duration of their payment plan.
“Real estate has traditionally been perceived as exclusive to the wealthy,” said a representative from Gamay Properties. “With PayBit, we’re testing a model that could democratize land access and help more Nigerians build long-term assets.”
The platform integrates digital tools for virtual inspections and secure online payments, a trend gaining traction across the property sector in response to fraud concerns and growing interest from Nigerians in the diaspora. PayBit also includes document verification and customer support, which the company says helps reduce the risk of land scams—an issue that has plagued the market in recent years.
While PayBit is still in its early stages, anecdotal feedback from users suggests growing interest in the approach. Some buyers say the installment plan has provided an entry point they previously considered out of reach due to upfront financial constraints.
Experts say flexible, tech-enabled payment systems could signal a shift in how real estate is accessed in Nigeria, but stress the need for transparency and regulation as more companies enter the space.
Gamay Properties says it is exploring future expansion into land advisory and property management services, although no formal rollout dates have been announced.
