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NSSA Building

Business Reporter

The National Social security Authority is now geared for the launch of its Building Society after receiving its bank licence from the Reserve Bank of Zimbabwe last month. NBS managing director Ken Chitando told The Herald Business on Tuesday that the National Building Society will open in a fortnight. “All plans are in place to officially open the building society to the public. It has not been easy but we are quite confident that the time is now for us to start trading after receiving our bank licence last month,” said Mr Ken Chitando.

In NSSA’s first quarter statement last week, board chairman Robin also indicated the same.

“As outlined by the Zimbabwe Agenda for Sustainable Socio-Economic Transformation strategic pillar of social services and poverty reduction, NSSA has a mandate to deliver affordable housing stock and long tenure accessible mortgage finance to qualifying Zimbabweans in various income brackets.

“In response to that call the launch of the National Building Society is now pencilled in for the month of May 2016 after the Reserve Bank of Zimbabwe approved the bank’s licensing in April 2016,” said Mr Vela.

He said NSSA has, over the last eight months, been working closely with the NBS board and executive towards a successful launch.

Mr Vela said NSSA is confident that NBS will carry out its primary mandate of providing affordable housing stock, related banking services and to contribute meaningfully to NSSA’s investment income.

Going forward the National Social Security Authority has also engaged mobile operators with a view to use their mobile payment platforms for members to receive pensions at significantly reduced costs.

A significant number of NSSA beneficiaries are either unbanked or live in places where it is costly to access banking services.

He said the board expects the exercise to be completed by end of the first quarter this year.

“A significant number of our beneficiaries are either unbanked or now live in places where it is costly to access banking services and the Authority has engaged mobile network operators with a view to using their mobile payment platforms to allow members to receive their pensions at significantly reduced costs.

“To improve on communications and notices to our members, the Authority is pursuing the use of mobile platforms. The board expects the exercise to be completed by end of the first quarter of 2016,” said Mr Vela in a statement recently.