National Building Society

The National Social Security Authority (NSSA) has entered the financial services sector actively with the launch of a new building society called, National Building Society. NSSA applied for a licence to establish a building society in June 2015.

Previously NSSA only invested in financial institutions like Capital Bank. NSSA currently owns 35% of FBC Holdings, parent company of FBC Bank and FBC Building Society among other investments.

Nssa, which administers social security public funds on behalf of about 1,3 million contributors following its establishment in 1989, has a well-documented history of poor and even disastrous investment decisions. These have cost contributors millions and span various sectors, including deposits in non-performing indigenous banks, listed companies and non-profitable properties. The bungling has been at the expense of suffering pensioners who are getting meagre monthly payments of as little as US$40 from Nssa.

You can read about other NSSA investments here.