adminBusiness Reporter
MICRO-financer Nissi Global has set up a housing development loan facility offering up to $5,000 targeting low income building projects. Nissi Global spokesperson Lorraine Maphala-Phiri yesterday said the new funding facility was aimed at boosting housing development in the southern region through assisting low income earners, especially those in the informal sector.
She said her company conducted a research, which revealed a huge gap in the financing of housing projects by small scale businesses.
“We’ve realised this large group of people is not being supported by commercial banks. We then resolved to chip in by giving them small loans for incremental building project requirements.
“This means low income earners can borrow from us to finance their building projects to a certain level. This is in consideration of their income level,” said Maphala-Phiri.
“This is a new product that accommodates everyone who owns a house or a stand that needs to be developed.
“We’re offering loans of up to $5,000 payable in six months at eight percent interest. We put this maximum cap to ensure we deal with the needy people and not commercial clients.”
Maphala-Phiri said the new funding facility has started rolling and was being administered through Nissi Global branches in Bulawayo, Gwanda, Gweru and Kwekwe.
She said the funding facility would have a huge impact on low income property development and urged those who would participate to pay their loans to ensure the fund covers many beneficiaries.
Since its inception in the 1990s, Nissi Global has offered a number of products in the market such as the women paratz, a funding facility for women projects, business loans, foreign exchange service, pay day loans, stop order facilities, on-line loans and entrepreneurial excel simulation.
Recently the institution slashed interest rates for its product services with the business loan, women paratz and housing all pegged at eight percent interest.
Pay day and stop order loans are given at 19 percent and 17 percent interest rate.
Online Reporter