ZABG Bank has entered into a strategic alliance with the Zimbabwe Amalgamated Housing Association (Zaha), designed to avail housing stands to members of various housing associations nationwide.
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Speaking at a press conference on Friday, ZABG chief executive officer, Stephen Gwasira, said a memorandum of understanding had already been signed between the bank and Zaha.
“The bank will provide the requisite banking services under the facility and arrange the opening of savings and fixed deposit accounts for members of housing associations spread across various sectors of the economy,” said Gwasira.
He said the opening of accounts with the bank would facilitate access to the housing programme while existing account holders would also have the opportunity to join the scheme if they so wished.
Under the facility, account holders are required to maintain a minimum of US$500 in their accounts and also be members of Zaha.
Zaha director, Killer Zivhu, said the association would deliver serviced stands to members and account holders.
“There will be no payments for non-existent stands as is the case with some associations. It is a land development scheme that safeguards people’s money, since their money remains in their accounts administered by the bank,” he said.
Zaha comprises over 69 organisations and associations countrywide. A person is required to pay US$30 to become a Zaha member.
The country’s housing backlog stands at a staggering 1,2 million applicants, a figure government says could soar if a proper survey is conducted.