In a life transforming arrangement for retirees, National Building Society (NBS) – a subsidiary of National Social Security Authority (NSSA) – has created a tailor-made loan facility for pensioners.
Under the scheme the pensioners will receive loans amounting to $100 000 to fund income-generating projects.
NBS acting managing director Mr Alfred Chaavure, confirmed the development in an interview yesterday. “This is a loan facility designed for individuals who receive their NSSA payouts whether as pensioners or beneficiaries through an NBS bank account,” he said.
“We understand that the demands of employment, family and life in general force many of us to put aside our dreams. However, the end of an active working life is an exciting time when various opportunities can be pursued such as starting your own business.
“NBS was compelled to facilitate pensioners’ personal loans to contribute in some way to making the dream of business ownership a reality for retirees. These loans are substantial in amount, up to 10 times one’s gross monthly payout can be given to a maximum of $100 000.”
Mr Chaavure said it was their belief that the loans can fund income generating projects such as poultry, horticulture and carpentry among other businesses.