The National Social Security Authority (NSSA) is seeking a Reserve Bank of Zimbabwe (RBZ) approval to establish a bank.
The proposed NSSA building society is under spotlight as regulatory authorities are assessing its importance to the financial industry.
While a board of directors for the bank has been appointed, RBZ Governor, Dr John Mangudya said NSSA is still in the process of applying for permission to set up the building society.
The submission of a bankable plan by NSSA to the RBZ comes after monetary authorities tightened regulations for new entries into the financial sector to consolidate the prevailing stable conditions for banks.
Government as the key shareholder in NSSA has set aside US$50 million as seed capital for the building society.
NSSA has been accused of bad investments that have prejudiced pensioners millions of dollars.
The social security authority is now resorting to establishing its own bank to protect the interests of employee contributions.
4 Replies to “NSSA Wants to Start A Bank”
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http://www.nssa.org.zw
I’m very curious…why is it that every single black owned bank in Zimbabwe has gone bankrupt or the management have stolen the funds and absconded with it to foreign lands, yet white owned banks have never gone under and have never stolen depositors money like all the black owned banks have done. Surely the average black man in the street in that country cannot be that dumb to put his money in one of his black brothers banks??? They must npbe dumb, thinking of it!!! How they have destroyed that once vibrant economy…they touch and they are guaranteed to destroy!!! The ONLY way Zim will come right is with white folk at the helm, leading the country and leading the economy, but it will never ever happen, so we sit back and watch them self destruct slowly!!!!
They dont have even a website in this paperless world and now they want a bank my foot.
NSSA should sort out all it`s scandals first before even thinking of setting out a bank