Business

ZNBS okays land acquisition model

NKWETO MFULA, Chingola
THE Zambia National Building Society (ZNBS) board of directors has approved the society’s model to acquire land from local authorities for construction of group clientele housing units.
This will be done through local tenders for institutions or contractors who can then build houses according to specification of clients.
ZNBS managing director Joseph Chikolwa confirmed that the idea is to deal with groups such as Ministry of Health employees or group of teachers who can come together and ZNBS will give mortgages to buy the houses.
“On May 22, 2015, the board approved the model for ZNBS to acquire land and to invite institutions or contractors who can then build houses according to specification of customers,” he said.
In an interview in Chililabombwe last Thursday, Mr Chikolwa said the model adopted is different from that which was used in the early 1980s and 90s.
He said when ZNBS was directly involved to construct houses, there were a lot of issues such as litigation with contractors, which took much of the management’s time.
“ZNBS board has approved a model that places a responsibility on the developers,” he said.
On the time-frame, Mr Chikolwa said it will depend on the number of houses to be constructed, which he said could be in the maximum of 12-16 months.
Mr Chikolwa said the firm is looking for specific areas to open new branches such as Nyimba, Mazabuka and Mpika, where it can construct its own infrastructure.
He said ZNBS was looking for bigger spaces in Mazabuka, Mpika and Nyimba where to build offices and rent.
“We are in all the provincial centres of the country providing our services. We cannot be everywhere, it is not possible…,” he said.
Mr Chikolwa said ZNBS is also weighing options of working in conjunction with the Zambia Postal Services facilities in areas where the society is not present.
He said mobile banking is also being considered for use in some regions.

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