RBZ licences NSSA building society

Government has licensed a new building society which is expected to spearhead low-cost housing under the auspices of the National Social Security Authority.

Sources say that the Reserve Bank of Zimbabwe on Tuesday licensed the National Social Security Building Society, to spearhead the property developments under NSSA.

The new building society will be strategic in positioning NSSA to achieve its target of developing at least 1 000 new units per annum under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation policy framework. NSSA will leverage on its land bank to capitalise the bank.

The authority will transfer its land bank to the new building society following the release of the licence.

NSSA's property portfolio includes a hotel in Beitbridge, the newly constructed plush Celestial Park along Borrowdale road purchased at a price of $32 million, shopping malls in Gwanda, Bindura and other centres.