National Building Society

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National Building Society (NBS)
Trading name
NBS
Type
Private
IndustryInternet Service Provider
Founded2016 (2016)
FounderNSSA
Headquarters14th Floor Social Security Centre, Cnr Sam Nujoma Street/ Julius Nyerere Way, Harare, Zimbabwe
Key people
Kenneth Chitando, Managing Director
Precious Sibiya, Chairman
ParentNSSA
Websitehttp://http://www.nbs.co.zw/
Head Office - +263 4 700042/89/89

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.

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.


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

  • Access Save account: This is a flexible savings account that has several limited withdrawals created to encourage disciplined saving.
  • Easy transact Account: Ordinary account for individuals who want everyday access to their savings.
  • Subscription account : An interest receiving savings account primarily created for individuals who are saving for a specific goal such as a home loan deposit, wedding, holiday, school fees and such. Withdrawals are not encouraged until the targeted deposit is achieved and the defined investment period has been met.
  • Seniors account: A transactional account for senior citizens over the age of 60 years. The account has; no service charges, value adding pension backed payroll loans, standing orders and sweeping arrangements.

branches

  • Samora Machel branch in Harare. Ground floor, karigamombe Centre, 54 Samora Machel Ave. Phone: 04-770480/1
  • JMN Nkomo branch in Bulawayo. Phone: 09-71221/23/24


Housing Projects

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

  • Adelaide park in Epworth,
  • Woodbrooke park in Bindura,
  • Amalinda park in Glen Norah Harare
  • Stoneridge park in Harare.

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.Page Module:Citation/CS1/styles.css has no content.