In a life transforming arrangement for retirees, National Building Society (NBS) – a subsidiary of National Social Security Authority (NSSA) – has created a tailor-made loan facility for pensioners.
Under the scheme the pensioners will receive loans amounting to $100 000 to fund income-generating projects.
NBS acting managing director Mr Alfred Chaavure, confirmed the development in an interview yesterday. “This is a loan facility designed for individuals who receive their NSSA payouts whether as pensioners or beneficiaries through an NBS bank account,” he said.
“We understand that the demands of employment, family and life in general force many of us to put aside our dreams. However, the end of an active working life is an exciting time when various opportunities can be pursued such as starting your own business.
“NBS was compelled to facilitate pensioners’ personal loans to contribute in some way to making the dream of business ownership a reality for retirees. These loans are substantial in amount, up to 10 times one’s gross monthly payout can be given to a maximum of $100 000.”
Mr Chaavure said it was their belief that the loans can fund income generating projects such as poultry, horticulture and carpentry among other businesses.
He said the application required minimal documentation, that is opening an NBS bank account and the loan processing was efficient with a turnaround time of 48 hours.
“Let me give assurance of NBS’ commitment to responding to the needs of our clients, open your account today with NBS and enjoy a tailored product to suit your financial needs. The introduction of the pensioner’s personal loan is a demonstration of this. We look forward to delivering efficient and consistent service to NSSA pensioners and beneficiaries,” Mr Chaavure said.
The partnership is about providing social protection and the bank is there to support of its shareholder, vision of empowering NSSA heroes ensuring the lifelong promise is realised. NBS has taken a journey to build all-inclusive communities and has welcomed yet another market which has long been deprived of key banking products such as personal and business loans.
The Building Society has a robust financial inclusion strategy where there will be a lot of financial education, investment advice and value chain empowerment to ensure the NSSA pension loan scheme becomes a success story.