Saturday, 21 May 2016

NSSA : OUR BANK IS SOLID

The National Social Security Authority has assured depositors that strategies have been put in place to ensure the newly launched National Building Society (NBS) will not collapse.

The assurance by NSSA comes at a time when the reasons for the closure of the authority’s Capital Bank linger in most people’s minds.

The shareholder requested the central bank to cancel the licence of Capital Bank because it was under-capitalised, made losses and suffered chronic liquidity challenges.


The coming on board of the NBS has ignited debate on the market with NSSA board chairperson Mr Robin Vela assuring the public that proper systems have been put in place to ensure the bank will bring good returns.


The NBS has been established to fund the construction of houses for low income earners.


The government injected US$25 million in the building society which is the minimum capital requirement.


The NBS is expected to start the development of housing projects before the end of this year.

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