ZABG seals pact with housing association

organisation while ZABG bank chief executive officer Mr Steven Gwasira signed for the bank.
Under the partnership, ZABG will provide banking services to ZAHA members by facilitating the opening of fixed deposit accounts and special savings that will cater for those without the minimum amount for the fixed deposit.
The minimum deposit has been set at US$1 000 for fixed deposits and US$500 for savings for a period of not less than six months.
Speaking at the signing ceremony, Mr Gwasira said that their partnership with ZAHA was an indication of the strong support by ZABG for all programmes and policies aimed at promoting the provision of better housing for the people of Zimbabwe.
“Under this partnership with the Zimbabwe Amalgamated Housing Association, ZABG Bank will provide the necessary banking services, through the opening of savings and fixed deposit accounts for members of the housing association spread across the various sectors of the economy.
“It should be noted that funds placed on deposit with the bank will be under the total control of the individual member, not the association. A special feature worth mentioning is that these accounts will earn competitive monthly credit interest and there will be no monthly service fees or cash withdrawal fees,” he said.
Mr Gwasira said the occasion was in keeping with the bank’s tradition of providing free banking services to special groups like schools, churches, non-governmental organisations and other non-profit-making bodies since 2005.
“This development also demonstrates our commitment to growing key and sustainable relationships with stakeholders whilst providing convenient banking services and facilities to the banking public.
“ZABG Bank continues to be guided by our vision to become a leading financial services brand in Zimbabwe and beyond,” he said.
Mr Zivhu said housing was a basic human right that should be afforded every Zimbabwean. He added that as an association that has affiliate associations across the country they are committed to providing housing for the less fortunate throughout the country.
“Our aim is not just to provide stands but serviced stands to every Zimbabwean regardless of political affiliation,” he said.
Mr Zivhu reiterated that their association was unique in that it was more transparent in that their members will be in charge of their bank account up to the point when they pay for their stands and the improvements made on them.
Harare Mayor Mr Muchadeyi Masunda, who was guest of honour, applauded ZAHA and ZABG and pledged Harare city’s support for the initiative.
“Mr Zivhu we want you to come to Town House after this because we want to make this a tripartite partnership,” said the mayor.
He added that as Harare City Council they were committed to working with various interest groups in the provision of low-cost housing.
Mr Masunda pledged to link ZAHA with technical experts in the construction industry to ensure that its members are assisted in the construction of houses that meet basic standards.
The signing ceremony was also graced by Minister of Media, Information and Publicity Webster Shamu, who said the provision of housing for all was critical in the empowerment process and the equitable distribution of land.
“We went to war because of land and now that we have the land it should be distributed equitably,” he said.
“We have a very small population of about 12 million compared to countries like China with 1,2 billion, I do not see the reason why anyone should not have a stand,” the minister said.
He hailed ZABG and ZAHA for coming up with the initiative, which he said should be fully supported by councils and the private sector.
He paid tribute to Mines and Mining Development Minister Obert Mpofu for his investment in ZABG and his vision to use the bank to assist various interest groups that are providing critical services to the country.
Minister Mpofu owns the majority stake in ZABG.