New Bank Targets Poor Zimbabweans

New Bank Targets Poor Zimbabweans
Published: 2016 May 19 06:56:18 (1828 Views)
THE National Building Society (NBS) is likely to attract average Zimbabweans who have been struggling to secure loans from banks due to overly high interest rates.

The new financial institution opened its doors yesterday, offering the lowest interest rates of 9,5% for mortgage lending, with a tenure of 25 years, the longest on the market.

Mortgage lending in the market hovers at around 12%, with a maximum tenure of 20 years.

Speaking at the opening of the institution, NBS’s managing director, Ken Chitando said the society was targeting 2 000 housing units annually.

“We will be looking at the market at large. We will be looking at development financial institutions, who have particular interest in affordable housing. The interest rate will be a single digit, 9,5%,” he said.
 
The bank is targeting low income earners and will provide houses, as well as financing housing construction.

NBS chairman, Gamaliel Bwanya said the company was planning for one or two housing projects to start before year end.

Chitando said the building society would take deposits and do transactional, banking services and will also offer bancassurance services.

Guest of honour, Vice-President Emmerson Mnangagwa said the entry of another building society augurs well for the deepening of financial inclusion in Zimbabwe and will fill the void in the sector, as other institutions had been struggling to provide cheap and affordable long term financing in the mortgage sector.

“To that end, I exhort you to capture that market, which has been traditionally excluded from accessing mortgage financing, like vendors, cross border traders market gardeners, artisanal miners, subsistence farmers and informal traders to name, but a few,” he said.

NBS was given a certificate of registration in December 2015 by the central bank. On April 22, NSSA completed the $25 million capitalisation of NBS.
 

- News Day
Tags: NSSA, mortage, bank,
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