Workers Compensation Fund Control Board (WCFB) has signed a Memorandum of Understanding with the Zambia National Building Society (ZNBS) to facilitate building of affordable housing units for its employees.
This follows Finance Minister Bwalya Ngándu challenging ZNBS to help the country with the provision of affordable decent housing units.
And WCFC Acting Commissioner and Chief Executive Officer, Kingsley Kangwa said during the signing ceremony that the deal will give employees a sense of settlement and stress-free on expenses they spend on rentals.
Mr. Kangwa expressed optimism that all the 236 employees of the board will be able to access the mortgages from ZNBS that are currently being offered at 14 percent.
He said the board has extended the relationship with ZNBS to expedite mortgages for employees in the area of improving conditions of service through the MOU.
“It is for this reason that the board has decided to extend the relationship with ZNBS to facilitate mortgages for employees in the spirit of improving conditions of service through a memorandum of understanding, “Mr. Kangwa said.
Mr. Kangwa said the MOU will enable the board become compliant with section 92 of the employment code which seeks to empower employees with accommodation.
And ZNBS Managing Director, Mildred Mutesa said Workers Compensation Fund Control Board has contributed towards the reduction of housing deficit in Zambia with schemes such as the Kalumbila housing project where over 50 houses were successfully developed.
Ms.Mutesa said ZNBS has funded construction of several buildings in the country which they intend to leverage for the benefit of clients using a wide branch network adding it is also aimed at expanding with new digital capabilities.
“With this agreement we will empower members of staff at Workers Compensation to indeed turn their dreams into reality by owning their own homes through affordable housing finance with extremely compensative interest rates,” Ms Mutesa said.
Ms. Mutesa said the MOU commits the two institutions to work together more diligently towards the pursuit of significant activities
Meanwhile Zambia union of financial institutions and allied workers ZUFIAW Chairperson Chisha Mulenga expressed happiness over the initiative of the MOU.
“This initiative made is a plus for us because a motived employee can perform better’’. Mr Mulenga said.
According Habitat for Humanity Zambia report, Zambia has a housing deficit of over 2.6 million houses.
Decent and affordable accommodation is the greatest challenge this country is facing… If more houses could be put up..it would help alleviate the current housing shortage
Thank you for this partnership.. our hope is that it’s will be of benefits to the worker in the country
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When are you going to consider building flats?
Housing problems will be a song of yesteryear.
14 percent interest is still high!!!!
Just be careful of scammers who promise people pictures of houses and pay for ghost houses.