Maravi

Fundanga urges ZNBS to prioritise provision of mortgages for housing

Fundanga urges ZNBS to prioritise provision of mortgages for housing
By Mwila Chansa in Kitwe
Sat 12 June 2010, 17:30 CAT

BANK of Zambia (BOZ) governor Dr Caleb Fundanga has implored the Zambia National Building Society (ZNBS) to take a significant role in the provision of mortgages for housing.

And ZNBS board chairperson Luambe Mondoloka has disclosed that ZNBS has developed a model for renovating the gutted Society House in Lusaka through the private public partnership concept.

In a speech read on his behalf by BoZ Northern region director Maurice Mulomba during the launch of the ZNBS refurbished office in Kitwe on Friday, Dr Fundanga observed that a lot of houses that were being built at the moment were being funded from people’s personal savings.

“You will agree with me that this is not the most efficient and effective way to finance such projects,” said Dr Fundanga.

“We note that there is still room for developing long-term finance in Zambia even for housing which is inadequate. It is therefore incumbent upon management that this opportunity is fully exploited.”

And Dr Fundanga observed that industry dynamics dictated the delivery of financial services in an environment that was conducive and comfortable for customers.

He commended ZNBS management for embarking on a programme to refurbish their branches.
And Mondoloka said the refurbishment of the Kitwe branch should not be seen as an isolated event because three other branches in Livingstone, Lusaka and Mufulira had already been renovated.

“The ZNBS has also developed a model for renovating the gutted Society House in Lusaka through the public private partnership concept. As you know Society House has been an eyesore for many years now,” he explained.

Mondoloka further said ZNBS had recognised the need to deliver effective and efficient services to its customers and that the process of re-aligning its systems and processes as well as retraining staff had already begun.

He added that with the above developments, the vision of ZNBS to be the preferred provider of housing finance, financial services and other allied services had become a reality because the ability to offer a competitive package to its customers had been enhanced.

Mondoloka also said it was the desire of both the board and management to run ZNBS professionally whilst observing the tenets of good corporate governance and high level ethical conduct guided by an ambitious corporate strategic plan.

Meanwhile, ZNBS managing director Noriana Muneku recalled that at one time, ZNBS Kitwe Branch was in such a bad shape that the local authority contacted the branch manager to at least even put a coat of paint to the building in line with the Keep Zambia Clean and Healthy campaign.

“When the branch manager contacted me to inform me about what the town clerk had said, I refused and instead advised that we assure the town clerk’s office that instead we would renovate the building. Am sure there were doubts in their minds but thanks to the talent of my dedicated team of management and staff alike, we got better to what we were doing and so did our business and what we have achieved and are seeing today,” said Muneku.

Labels: CALEB FUNDANGA, MORTGAGES, ZNBS

posted by MrK @ 4:16 AM