Business / Companies
Obert Mpofu's bank embarks on housing project
07 Mar 2013 at 03:38hrs | Views
At least 1 500 low-income earners are set to benefit from residential stands that will be launched by the Allied Bank in conjunction with the Zimbabwe Amalgamated Housing Assocation in Norton on Saturday.
The bank's business director, Mrs Florence Gowora, told journalists yesterday that the stands would help reduce the huge housing backlog in the country.
"We are excited with our involvement in the growth and development of communities through contributing meaningfully to the achievement of the Millennium Development Goal of providing decent housing facilities for all. In this connection, the bank remains committed to growing key and sustainable relationships with stakeholders whilst providing convenient banking services and facilities to the banking public," she said.
Under the partnership with ZAHA, Allied Bank would provide the necessary banking services through the opening of savings and fixed deposit accounts for members of the housing association who are spread across the country. The deposits will earn a competitive monthly credit interest and would be exempted from monthly service fees or cash withdrawal fees.
The arrangement is different from other housing co-operatives in that the members would be in control of the funds they deposit into their accounts and can withdraw them for other purposes if they pull out of the housing scheme. This is in sharp contrast with other housing co-operatives where members entrust their funds with leaders of such organisations who sometimes end up abusing the money.
ZAHA director Mr Killer Zivhu urged the Government to provide more land for them to meet the overwhelming demand for residential stands. "We are competing with housing co-operatives over land and once we are able to secure additional land we will give it to our members at an affordable price.
ZAHA is not only providing stands, but is conscientising the public on how to buy stands at a cheaper price," he said.
The launch of the 1 500 residential stands would be done at Twin Lakes Primary School in Norton at which several Government officials are expected.
The bank's business director, Mrs Florence Gowora, told journalists yesterday that the stands would help reduce the huge housing backlog in the country.
"We are excited with our involvement in the growth and development of communities through contributing meaningfully to the achievement of the Millennium Development Goal of providing decent housing facilities for all. In this connection, the bank remains committed to growing key and sustainable relationships with stakeholders whilst providing convenient banking services and facilities to the banking public," she said.
Under the partnership with ZAHA, Allied Bank would provide the necessary banking services through the opening of savings and fixed deposit accounts for members of the housing association who are spread across the country. The deposits will earn a competitive monthly credit interest and would be exempted from monthly service fees or cash withdrawal fees.
The arrangement is different from other housing co-operatives in that the members would be in control of the funds they deposit into their accounts and can withdraw them for other purposes if they pull out of the housing scheme. This is in sharp contrast with other housing co-operatives where members entrust their funds with leaders of such organisations who sometimes end up abusing the money.
ZAHA director Mr Killer Zivhu urged the Government to provide more land for them to meet the overwhelming demand for residential stands. "We are competing with housing co-operatives over land and once we are able to secure additional land we will give it to our members at an affordable price.
ZAHA is not only providing stands, but is conscientising the public on how to buy stands at a cheaper price," he said.
The launch of the 1 500 residential stands would be done at Twin Lakes Primary School in Norton at which several Government officials are expected.
Source - TH
