adminBrighton Gumbo Business Reporter
THE government has deferred to March next year the proposed establishment of the National Social Security Authority (NSSA) building society. Public Service, Labour and Social Services Minister Prisca Mupfumira said at least four months was needed to set up information communication systems and other technical logistics.
The proposed building society was initially scheduled to start operating last August. “The opening of the building society can be expected in February or latest in March. “This is because of the time taken in setting up systems,” said the minister.
“Most of the equipment that is needed for the building society to be operational is imported so you can see how much time is needed to get things in place and start operations.” Recent reports indicate that the Reserve Bank of Zimbabwe has already licensed the new building society which is expected to spearhead low-cost housing development.
All the property projects are expected to be transferred to the new NSSA building society. NSSA will leverage on its land bank to capitalise the building society. The authority will transfer its land back to the new building society following the release of the licence. The minister said application processes necessary for the pension authority to be functional have been approved by the central bank.
“Other processes like the regular tailoring have been completed and we’re now working on the setup of the building society,” she said. The new building society will enable NSSA to achieve its target of developing at least 1,000 new units per annum under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset).
The authority and the Ministry of Local Government, Public Works and National Housing have since prepared a position paper requesting release of cheap land for the authority to construct houses. NSSA is presently engaged in the development of 683 residential stands in Masvingo and has acquired land in Chinhoyi, Karoi, Chegutu, Kwekwe and other areas around the country.
derick.khumalo