NSSA bank to open in March: Minister

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Brighton Gumbo, Business Reporter
THE proposed opening of a building society by the National Social Security Authority (NSSA) is now slated for the end of March, a Cabinet Minister has said.

The pensions authority had initially said the bank would be operational by August last year.

It was then deferred to September but the Ministry of Public Service, Labour and Social Services cited a few technicalities that needed to be addressed first before further deferring the official opening to early this year.

Public Service, Labour and Social Services Minister Prisca Mupfumira said the board was administering the processes to ensure the set date for opening was met.

“The NSSA Building Society opening is still well on course. The board is working towards the set target which we’re expecting to be the end of this quarter,” said Mupfumira.

NSSA board chairman Robin Vela told Business Chronicle that major processes for the setting up of the bank have been completed.

He said only a few issues remain outstanding and the authority’s board was working on them.

“The national building society project remains on course. Its board, with whom we’ve a shared vision premised on the delivery of affordable housing stock and mortgages, continues to make progress towards the achievement of a launch date,” said Vela.

Recent reports have indicated that the Reserve Bank of Zimbabwe (RBZ) has already licensed the new building society which is expected to spearhead low-cost housing development.

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