Bridge housing financing gap, BoZ urges ZNBS
Published On January 23, 2014 » 3292 Views» By Administrator Times » Business, Stories
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THE Bank of Zambia (BoZ) has urged Zambia National Building Society (ZNBS) to bridge the housing financing gap and help to transform people’s lives in Zambia.

Speaking at the launch of ‘Open, Save and Win ‘competition by ZNBS in Lusaka, BoZ director for non-bank supervision Gladys Mposha said the demand for housing had increased hence the need for the ZNSB to position itself and bridge the gap.

“The demand for housing finance has increased as evidenced by the many housing developments taking place in various parts of the country which ZNBS should take advantage of,” Ms Mposha said.

She added that to remain afloat in the face of competition, ZNBS should come up with unique financial products to attract customers.

“The Zambian financial landscape is fast changing with competition for savings, therefore, to remain afloat, the bank should provide unique products,” she said.

At the same function, ZNBS managing director Joseph Chikolwa said ZNBS was the largest building society with over 64 per cent of market share of the building society mortgage book in the country.

Mr Chikowa said the bank has accumulated over 90,000 savers accounts and 20,000 loan accounts with 19 branches across the country.

He said the bank had embarked on a campaign to grow the mortgage portfolio to meet the demand of mortgages in the country.

The draws for the competition will be done monthly for five months with the grand draw in May this year, the winner of the grand prize will be accommodated at a five star hotel plus K5,000 spending money.

Zambia Tourism Board (ZTB) managing director Felix Chaila said the ‘Open, Save and Win’ campaign by ZNBS fits into ZTB domestic campaign plan which was aimed encouraging local tourism.

In a speech read for him by ZTB public relations and media manager Caristo Chitamfya, Mr Chaila said ZTB would soon launch a national wide domestic campaign aimed at igniting the sense of local travel among Zambians and residents.

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