Online Reporter
Nomalisa Gumpo, [email protected]
PENSIONERS continue to express frustration over the restrictive access to loans linked to the National Social Security Authority (Nssa) facility, citing limited banking options and low monthly payouts that hinder their ability to start income-generating projects.
At a poultry farming workshop held on Tuesday at the Elangeni Training Centre in Bulawayo, pensioners raised concerns about the loan scheme being accessible only through selected financial institutions — namely NBS, POSB, and EcoCash — effectively excluding many from accessing much-needed funding.
Mr Alois Ndlovu, a pensioner attending the workshop, highlighted the challenges.
“Nssa payouts are too low for us to start the projects they train us for. They need to provide alternative ways of accessing the loans, especially by including more banks, so that we can launch these projects,” he said.
Mrs Sibusisiwe Khumalo also weighed in.
“The workshops are helpful, but without access to loans, we simply cannot afford to start these projects,” she said.
The Nssa loan facility targets individuals receiving monthly Nssa payouts, whether pensioners or beneficiaries. The loan amount is up to 10 times one’s gross monthly payout, capped at a maximum of US$300. Loan processing is designed to be swift, with a turnaround time of 48 hours. Pensioners benefit from these collateral-free loans, which are deducted directly from their monthly Nssa payouts, offering a convenient financing option.
Speaking on the issue, Nssa representative Mr Msizi Ndebele explained the limitations.
“Loans are disbursed through specific banks participating in the scheme. If your bank is not part of this, you unfortunately cannot access the loan. It operates on a first-come, first-served basis, depending on the total funds set aside. Once funds are depleted, no more loans can be given,” Mr Ndebele said.
At the workshop, pensioners also gained valuable skills in broiler management, empowering them with practical knowledge to improve their financial independence through poultry farming.
