NSSA ventures into banking

HARARE – The National Social Security Authority (NSSA) has engaged an external audit company to craft a business strategy for its proposed bank.

\n

nssa 20.06.11.jpg

\n

Concerned by the high rate of bank failures within the country, NSSA is consulting a top auditing company in an effort to ensure the authority gets permission to set up a bank.

\n

NSSA Chief Executive Officer James Matiza confirmed this.

\n

Mr Matiza adds that NSSA will soon be submitting its business strategy for the proposed bank to the Reserve Bank of Zimbabwe (RBZ) and the external audit company will also focus on workable corporate governance systems.

\n

“As an institution there is need to focus on transparency and accountability,” said Mr Matiza.

\n

An investment banker Terrence Mukupe believes NSSA should focus on projects that have a potential of benefitting pensioners.

\n

“Pensioners need to benefit and its one of the key priority areas that we need to focus on,” Mr Mukupe said.

\n

The government has also reaffirmed its support for NSSA to set up a building society to facilitate the growth of pensioners’ investments.