National Building Society (“NBS”) is a Zimbabwean building society owned by the National Social Security Authority (NSSA). it is registered under the Building Society Act chapter 24:20. The bank was licensed in April 2016 and launched to the public in May 2016 in Harare.

National Building Society (NBS)
Trading name
NBS
Type
Private
Industry Internet Service Provider
Founded 2016
Founder NSSA
Headquarters 14th Floor Social Security Centre, Cnr Sam Nujoma Street/ Julius Nyerere Way, Harare, Zimbabwe
Key people
Kenneth Chitando, Managing Director
Precious Sibiya, Chairman
Parent NSSA
Website http://http://www.nbs.co.zw/
Head Office - +263 4 700042/89/89

The Society was set up with the sole mandate of contributing to the National Housing stock and in support of the Zimbabwean Government Zim-Asset and Financial Inclusion programmes. NBS was setup using investment by the National Pensions Scheme (NPS) fund and the Workers Compensation Insurance Fund.


Contents

Mandate

The bank's overall goal is to deliver affordable low cost housing through the provision of mortgage finance to first time home owners primarily for high and medium density developments.

The bank has said its four main pillars are:

  1. The provision of decent housing accommodation.
  2. The provision of housing finance.
  3. Contributing to the Social Security need by providing a service to NSSA contributors and pensioners
  4. Providing a positive return on shareholder investment.

The bank's target market are middle income earners as well as individuals in the informal sector and SME’s. The bank's interest rates are between 9.5% and 11.5% per annum with the lower applying to first time home owners who want mortgages in the high-density developments while the later interest rates will apply to individuals applying for medium density housing establishments.

Account Types

branches


Housing Projects

So far completed units having been commissioned in the following areas:

Scandal

The board of the bank once suspended Ken Chitando,the then managing director to allow for a comphrehensive auditing after a preliminary investigation discovered irregularities.

“We put the MD on forced leave for three weeks to allow for a team of investigators to look into some irregularities which we had been alerted to. Certain things have since cropped up and the board felt it necessary to extend the suspension to three months,” said the board member, who, however, did not give further details. But NSSA and NBS sources said Chitando was being investigated over anomalies in the issuance of mortgage loans.[1]
  1. "National Building Society boss suspended". Gazette. July 6, 2017. Retrieved October 25, 2017.