NBS launches microfinance unit

THE National Building Society (NBS) has launched a new subsidiary, Lenderspark Finance, a microfinance company that seeks to foster financial inclusion with focus on every client including the informal sector.

NBS, a subsidiary of the National Social Security Authority (NSSA), has a wide portfolio covering banking, loans and other financial services, as well as low-cost housing.

Speaking at the launch in Harare, acting NBS managing director, Mr Sifiso Mahlangu, said the bank was committed to making financial services more accessible and affordable to all Zimbabweans, especially those who have previously been marginalised and excluded from mainstream financial systems.

“As NBS, this marks a significant milestone in our journey towards financial inclusion with the launch of our Micro Finance Institution Lenderspark Finance, a microfinance institution that embodies our strategic pillars of inclusion, innovation, integrity and intention,” he said.

“Lenderspark Finance is a testament to our commitment to promoting financial inclusion and economic empowerment.

“We believe that everyone deserves access to financial services that meet their needs, and we promise to provide innovative and customer-centric solutions that will make a noticeable difference in people’s lives.

“We will continue to strive for excellence in all that we do, ensuring that our products and services meet the highest standards of quality and customer satisfaction,” said Mr Mahlangu.

He said NBS was grateful for the trust shown by a cross section of clients in its service, which made it possible to introduce a new product and the bank to achieve a milestone.

The launch was attended by various ministries and Government departments including the Ministry of Public Service, Labour and Social Welfare, NSSA, Central Bank, NBS board and staff.

In a follow up statement, NBS head of marketing, Ms Mildret Kujinga, said Lenderspark Micro Finance would disrupt the space to create inclusion exercised with outermost integrity.

“The roll out of Lenderspark we owe it to the confidence we have received from the market we serve as NBS and we are immensely grateful with trust we have received as a bank and building society of choice to many Zimbabweans locally and those in Diaspora,” she said.

“Our intention has been clear that daily we wake up to thrive to be leading in delivering financial services and housing and financial inclusion to transform livelihoods.

“The problem statements of our addressable market also revealed widening gap on financial capacitation to run small businesses to tackle financial needs in the short-term due to higher loans interest rates, inadequate documentations and lack of credit rating scores.”

Ms Kujinga said with the introduction of the new subsidiary, access to loans and other credit facilities would be widened while enhancing financial literacy and investment opportunities, which are the key pillars that drive the vision on Lenderspark Finance. The subsidiary company is wholly owned by NBS.

It will be operated at all NBS branches and doors are open to provide financial services to everyone inclusive of the informal sector, co-operatives and salaried employees in both the private and public sectors and beyond, the bank said.

NBS is currently undertaking a massive housing project in Bulawayo, targeting over 2 000 low-cost units and ultimately about 4 000 beneficiaries. The initiative is part of a nationwide housing scheme backed by NBS with over US$1,5 million invested after partnering with local authorities nationwide to deliver low-cost housing and reduce the national housing backlog exceeding 1,5 million.

The bank is committed to contributing to National Development Strategy 1, aligning with the Government’s Vision 2030. —-chroncle