Zimbabwe: New bank to offer affordable housing loans
The National Building Society will start operations in March.A new bank dedicated to housing finance has been granted an operating licence from the Reserve Bank of Zimbabwe (RBZ).
The National Social Security Authority (NSSA)'s building society, called the National Building Society, will start operations in March, according to the Financial Gazette's Companies & Market.
"The bank received the operating licence and is now ready to spearhead governmental plans to develop residential accommodation in support of its economic turnaround blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset)," said the Minister of Public Service, Labour and Social Service Prisca Mupfumira.
The new building society is expected to strengthen the NSSA portfolio by offering affordable housing loans for civil servants and low income earners who often struggle to access affordable loans, according to the minister.
Zimbabwe is battling to reduce its 1.5 million housing backlog. The government plans to build 300,000 housing units by 2018 under the Zim-Asset programme.