POSB to roll out mortgage schemes

Bianca Mlilo Business Reporter
THE People’s Own Savings Bank (POSB) says it is ready to roll out a mortgage scheme to hundreds of its clients to support housing development in the country. The state-owned bank has already received the licence to provide mortgage lending, a critical facility in tackling accommodation shortages. An estimated 1,25 million housing units are needed to clear the housing backlog by 2018.

POSB public relations officer, Simukayi Mutamangira, said the bank has the capacity to sustain the mortgage facility as it was performing well. “We’re now going to mortgage finance where we’re going to be supporting those involved in building projects,” he said.

“We know Zimbabweans are very passionate about owning their own houses and this is one project that we’re taking on board and we hope that in the next couple of weeks we’ll be up and running.”

Meanwhile, the bank donated an engine powered borehole to Portbury Clinic in Mbalabala area on Friday. In his address while handing over the donation to the community, POSB chief executive officer Admore Kandlela said the bank was committed to assisting needy communities.

“Our wish and intention in giving this borehole is to help pregnant women, nurses and young children acess clean drinking water,” said Kandlela. The bank is involved in various corporate social responsibility activities in different parts of the country.