Business / Companies
Old Mutual scraps payslip requirement for stand buyers
09 Apr 2018 at 07:10hrs | Views
OLD Mutual Group has scrapped the requirement for payslips on potential residential stand buyers at its Pumula South and Nkulumane housing project in Bulawayo.
The move seeks to cater for the growing informal sector players, who are now the dominant economic force in the country.
"There is no need for a pay slip as long as the buyer has all the requirements needed. These requirements include a national identity card, 30 percent deposit and one needs to be registered with the City Council and be on the housing list," said an Old Mutual official who requested anonymity.
The group has engaged private contractors to service the stands, pegged at various sizes and cost $20 to $30 per square metre. Beneficiaries under the scheme are to pay the balance over 12 months. Old Mutual executives recently unveiled 1 082 housing stands in Bulawayo. The stands are being serviced under a Public Private Partnership (PPP) agreement with the local authority.
Informal business operators have commended this move as it acknowledges them as a group which does not receive payslips at the end of the month.
"This is a good initiative because it includes everyone compared to the traditional method, which only accommodated those who provided payslips in order to receive services," said Mrs Nokholo Ndlovu, an informal trader.
"I am glad we are able to purchase stands as informal traders without the burden of having to provide pay slips, which we do not have. This has also given us a sense of recognition following the bank's realisation that there are informal traders like us who do not have payslips to offer as a requirement."
Old Mutual group chief executive officer Mr Jonas Mushosho is on record as saying the housing scheme was earmarked for the general populace at large, but it was also designed with small to medium traders in mind.
The move seeks to cater for the growing informal sector players, who are now the dominant economic force in the country.
"There is no need for a pay slip as long as the buyer has all the requirements needed. These requirements include a national identity card, 30 percent deposit and one needs to be registered with the City Council and be on the housing list," said an Old Mutual official who requested anonymity.
The group has engaged private contractors to service the stands, pegged at various sizes and cost $20 to $30 per square metre. Beneficiaries under the scheme are to pay the balance over 12 months. Old Mutual executives recently unveiled 1 082 housing stands in Bulawayo. The stands are being serviced under a Public Private Partnership (PPP) agreement with the local authority.
"This is a good initiative because it includes everyone compared to the traditional method, which only accommodated those who provided payslips in order to receive services," said Mrs Nokholo Ndlovu, an informal trader.
"I am glad we are able to purchase stands as informal traders without the burden of having to provide pay slips, which we do not have. This has also given us a sense of recognition following the bank's realisation that there are informal traders like us who do not have payslips to offer as a requirement."
Old Mutual group chief executive officer Mr Jonas Mushosho is on record as saying the housing scheme was earmarked for the general populace at large, but it was also designed with small to medium traders in mind.
Source - chronicle
