NBS a big investment boost to Bulawayo says Mphoko

The opening of the second branch of the National Building Society (NBS) in Bulawayo has been seen as an investment confidence boost by the National Social Security authority (NSSA) which must be emulated by other local and foreign investors.

Officiating at the commissioning of the NBS second branch in Bulawayo, Vice President Phelekezela Mphoko said NSSA's decision to invest in Bulawayo is a big investment boost to a city that has in the past seen companies closing shop with others relocating to other towns, especially to Harare.

Mphoko said Bulawayo is ready for investment and is in need of investment partners to grow its economy.

Vice President Mphoko challenged the bank to mop-up all the funds which are circulating outside the formal market as some banks have failed to come up with tailor-made facilities to enable the informal sector to access banking services.

The Vice President said the new building society will go a long way in assisting vulnerable communities with standard accommodation in line with the nation's economic blue-print ZIM ASSET.

Vice President Mphoko, however, warned officials of the building society against mismanagement of public funds saying the country is still traumatised by the huge losses it incurred from banks that folded after being mismanaged.

He also noted the need to address concerns of high bank charges and high interest rates on loans that have driven people away from the banking sector and continue to violate the induplum-rule leading in people's properties being auctioned.