HomeNewsPensioners hail US$2m Nssa loan facility

Pensioners hail US$2m Nssa loan facility

BY PRAISEMORE SITHOLE

PENSIONERS throughout the country have hailed the National Social Security Authority (Nssa) for the recently released US$2 million loan facility to enable them to carry out self-sustenance projects.

Public Service, Labour and Social Welfare minister Paul Mavima last week said Nssa had introduced a revolving fund to be disbursed through POSB and National Building Society (NBS), where pensioners could access loans at interest rates of 10% per annum for income-generating projects.

Bulawayo Province Pensioners Forum co-ordinator Winos Dube said: “We have been told about the US$2 million for funding projects, but we are yet to be informed how the loans will be
disbursed.”

Masvingo Province Pensioners Forum co-ordinator Charles Gonzi said: “The issue is still on paper and we are yet to see the procedures that would be followed so that pensioners access the loans.”

Nssa recently said it would disburse nearly $500 million in grocery allowances to its beneficiaries starting in March ending this month (June) as part of measures to cushion pensioners against the adverse impact of the COVID-19 pandemic.

Nssa deputy director for marketing, Tendayi Mutseyekwa, said the money would be disbursed through POSB and NBS, as the two banks accounted for over 70% of the country’s pensioners.

“Banks will be responsible for vetting the applicants,” Mutseyekwa said.

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