HARARE - Zimbabwes largest mortgage lender, Central African Building Society, says it has disbursed at least $50 million in mortgage lending to the corporate sectorand the public.
We are happy to tell you that since the revival of the scheme, which had disappeared during the time of economic turmoil,
we have released $50 million to deferent people and sectors of the economy. We hope to release more funds as the economy continues to improve and by so doing we will also be putting CABS back in track, that is taking it to where it used to be, CABS Managing Director Kevin Terry said in an interview.
The volatile macro-economic environment characterized by high inflation and reduced confidence in the financial services sector due to the combined factors of low interest rates and instability in the banking sector, had seen the financial institution freezing both long and short term mortgage lending to both individuals and corporates.
In addition to the re-opening of some of the branches which they closed during the time of hyperinflation, Terry said the bank would soon introduce mobile banking targeting the rural communities. He said the bank was engaging the government to spread pay days for civil servants, so that long queues that have resurfaced on it banking halls are once again eliminated.
Its true that queue are resurfacing and we are really worried by this development.
It is caused by the pay days on which civil servants get their salaries and we are in the process of engaging the government so that it spreads these out. We are also encouraging our clients to use their ATM cards in supermarkets and points of sale so that they ease pressure on the banking halls, he said.
Post published in: Economy