NSSA bank to finance 10,000 housing project

Minister Prisca Mupfumira

Minister Prisca Mupfumira

Business Reporter
THE National Social Security Authority (NSSA) will develop 10,000 housing units by 2018 through its new banking arm — the National Building Society — set for opening next month.

Public Service, Labour and Social Services Minister Prisca Mupfumira said recently that the new bank would bankroll the housing development, a major component of the government’s development plan, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset).

The bank was registered last year.

“NSSA has a target delivery of 10,000 housing units over the Zim-Asset period (2013-18). Significant progress has been achieved on rolling out the building society,” she said.

“I’m pleased to advise that the building society will open its doors in April with initial branches being in Harare to be followed immediately by a branch in Bulawayo.”

It is hoped that the building society will provide affordable houses in 25-year mortgages.

To ensure the building society is strong and able to deliver on its mandate, Mupfumira said NSSA will inject capital funding of more than $25 million.

“To date, $8 million has already been injected into the building society to procure the core banking system, refurbish branches and meet other costs,” said the minister.

She also said NSSA was working on starting a National Health Insurance Scheme to cover people who are not covered by the current medical aid schemes.

The pensions’ authority has also said it was working on a maternity scheme to assist mothers with incomes during the period where employers reduce their salaries.

The minister urged more workers to join the various schemes offered by NSSA and announced work on the voluntary informal sector pension scheme for informal sector employers and employees as well as domestic workers and cross border traders.

“NSSA has already approved a $5 million loan to SMEDCO or SEDCO for on lending to the information sector. The loan is repayable over 12 months at an interest rate of 10 percent per annum,” said Mupfumira.

“SMEDCO will soon announce the full terms and conditions of the facility. The facility will be only available to small to medium enterprises that are fully compliant with NSSA requirements.”

Pin It
  • shacks

    everthing Harare harare