MASVINGO- The newly established National Building Society (NBS) held a road show in Masvingo on Friday last week where management met and explained the bank's programmes to stakeholders in the housing industry.
The show which saw the Bank holding a meeting at Flamboyant Hotel was attended by almost all land developers and construction companies from Masvingo. Kenneth Chitando, the NBS managing director gave the main presentation during the meeting that lasted from morning until lunch hour.
Chitando discussed the Bank's low cost housing schemes, qualification conditions for loan applicants including salary, NSSA membership and age of the applicant and the use of stands that are already bought as deposit for one to have a house constructed.
He also explained the Bank's products that are available to land developers and construction companies.
Chitando said that the Bank plans to have built 10 000 low-income housing units by year- end and a total of 100 000 in five years.
Testimonies were given by Tendai Jambwa on the housing scheme that has been embarked upon by Lafarge, NBS and RMDJ Contractors. Nepheos Themba of Zimta Masvingo also testified on a housing arrangement it has entered with the Building Society where its members are getting loans for building houses in Victoria Ranch in Masvingo.
Some of the companies that attended the meeting were Jadecon Construction, Vashandi Housing Co-operative, Beta Bricks, RMDJ Contractors, Lafarge Cement Zimbabwe, Pretoria Portland Cement (PPC), Turnall Holdings,Wildale Limited, E.T Construction, December 12 Housing Co-operative, Zexcom Housing Co-operative, hydraben, Masvingo Brick and Tile, J.T Construction and Chifen Construction.
In order to speed up the process of providing houses to the people, NBS will use agencies and NSSA offices throughout the country for purposes of receiving and processing loan applications. This will be an effective way of decentralising the Building Society's services at low cost.
"We are also going to have agencies all over the country and where there are NSSA offices we will utilise those so that customers can open accounts even where there are no branches. This means that clients will not necessarily have to go to a Society's branch in order to open an account," said Chitando.
He however noted that the Society was going to open four branches each in Masvingo, Gweru, Chinhoyi and Mutare in addition to the two in Harare and Bulawayo by year-end.
"In addition to the two branches in Harare and Bulawayo we are set to open branches in Chinhoyi in March, Gweru in May, Masvingo in July and Mutare by year end," he said.
The Masvingo Road Show is the third the Building Society has held, the first one was held in Harare and the second one in Mutare.
The Mirror understands that the Masvingo branch will be housed at the former bookseller Kingstons, which is next to CBZ.
Funds to provide such capital will come from NBS's two main shareholders that is, the National Pension Scheme (NPS) and Workmen Compensation Insurance Fund (WCIF), who have a 60% and 40% shareholding respectively which are both managed by NSSA.