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Zambia National Building Society (ZNBS) Managing Director Mildred N. Mutesa has been appointed to the Board of Directors of the African Union for Housing Finance (AUHF) at the just ended African Union for Affordable Housing Finance (AUHF) virtual Annual General Meeting (AGM) held on 5th November, 2020 under the theme: “Investing in the Sustainable Development Goals (SDGs): Finding a market opportunity in affordable housing”. Her election means that ZNBS retains its seat on the AUHF Board of Directors.

The African Union for Housing Finance is an industry body, that promotes the development of effective housing finance markets, and delivery of affordable housing across Africa, working in the interests of both the members and the industry as a whole. The Association comprises of 48 member institutions from different countries across the continent.

The Managing Director was among hundreds of delegates who attended the conference on a virtual platform. She was part of a panel of discussion on the topic: “Alternative Financial Solutions Pre and Post COVID”, that included discussions around product offerings, reliance on local capital markets and the impact of COVID on the mortgage financing industry.

The ZNBS Managing Director served as Finance Director for Zambia’s leading mortgage financing institution before her recent appointment as MD. She is a Fellow of the Association of Chartered Certified Accountants (ACCA), and a Fellow of the Zambia Institute of Chartered Accountants (ZICA). She holds a Masters degree in Business Administration (MBA), Association of Certified Chartered Accountants (ACCA), and a Degree in Accountancy from the Copperbelt University. She has over ten years managerial experience at executive management Level.



Targets to empower 180 families through affordable mortgage finance

Physical places endure while memories and people fade, so homes and neighborhoods become “memory machines” that help us keep alive some of the strongest sources of what has given our lives meaning, well-being, and happiness.

Zambia National Building Society (ZNBS) is about creating these “memory machines”. But more importantly giving lives meaning, well-being and happiness.
The launch of the Nyumba Ya Banja Mortgage Promotion sets in motion the aspiration of the Society in terms of its mission to provide affordable and sustainable mortgage financial, financial services and other allied services for the benefit of the Society and other stakeholders.
The ZNBS Acting Managing Director Mrs. Mildred Mutesa shared that “Nyumba Ya Banja” mortgage promotion has been coined against the background of family security and a sense of ownership.
“It means a home for the family and denotes a sense of family and collective ownership of the family home which ZNBS is proud to play a role in facilitating”, Mrs. Mutesa said during the launch of the long awaited promotion.
Launched on the 24th of February, 2020, the mortgage promotion attracted the interest of the Vice President of the Republic of Zambia, Mrs. Inonge Mutukwa Wina.

Speaking through her representative, Housing and Infrastructure Minister, Eng. Charles Mushota at the Pamodzi Hotel in Lusaka, Mrs. Wina identified some key factors that have contributed to the rise in the housing deficit in Zambia to as Urbanization and high cost and limited availability of long term financing.
“Although there has been rapid growth of the urban population, investment in urban infrastructure has not been commensurate with the growth in population. We therefore believe that we need initiatives like the Nyumba Ya Banja Mortgage Promotion to assist more Zambians with home ownership” the Vice President said.

“My challenge to ZNBS and other financial institutions is to come together as an industry and create new and innovative ways of assisting the informal sector to also join in the journey of home ownership.”

The Nyumba Ya Banja Mortgage Promotion is set to empower 180 families and will run for a period of six (6) months beginning 24th February, 2020 targeting both men and women.

ZNBS has dropped all arrangement fees from 5% to 0% during the period of the promotion. Successful customers will also get up to 100% financing of their purchase under outright purchase. This means that instead of the 75% Loan To Value (LTV) as per industry practice, ZNBS will pay out the full cost of a house.Customers will also enjoy up to 60 days’ repayment holiday from the date of disbursement of the approved mortgage.

And speaking at the same function, ZNBS Board Chairperson Dr. David Nama highlighted some of the efforts the Society has put in place to address some of these challenges.
” While we understand the challenges that come with access to affordable housing and housing finance by our customers such as the high cost of borrowing and lack of security or collateral, I am happy to share with you some of the efforts that ZNBS has put in place to try and address these challenges.

1.ZNBS has partnered with a number of developers for the financing of affordable housing units by off-takers.

2.ZNBS expanded its geographical presence by opening a branch in Nyimba, Eastern Province and one in Lusaka at Cosmopolitan mall. This enables us to reach far and wide in terms of service delivery.

3.In an effort to deliver affordable housing to the public, ZNBS  acquired parcels of land for Housing Projects in  Nyimba,  Chilanga ,  Chikakanta  Chisamba, Kabwe, Kitwe, Chililabombwe, Kalumbila, Chembe, Mansa, Kawambwa, Mwansabombwe, Mpika and Kasama districts from the respective councils.

4.Partnership with National Pension Scheme Authority (NAPSA)for the provision of Mortgages at 14% interest per annum with a repayment period of 30 years for buyers of houses at North Gate Housing Estate in Lusaka. This was against a 30-year deposit placed with the Society by NAPSA.”

The Nyumba Ya Banja Mortgage promotion is expected to end in July, 2020. ZNBS has also partered with Kansai Plascon to award the first 20 successful applicants with a 20 litre tin of paint and a 10% discount coupon to the remaining 160 customers that will have their mortgage applications approved.




Minister of Finance Dr. Bwalya Ndandu (2nd from right) in the company of Zambia National Building Society (ZNBS) Board Chairman Dr. David Nama, Former BoZ Governor and ZNBS Board member Dr. Michael Gondwe and ZNBS Managing Director Mr. Joseph Chikolwa unveiling the new Corporate Strategic Plan (CSP) for the period 2019 to 2023. Unveiling the strategic plan Dr. Ng'andu government is pleased to note that ZNBS has continued to register growth evidenced by the declaration of dividend to the shareholder. The ZNBS also presented a cheque of K1,500,000.00 to the Minister of Finance as third dividend for the financial year 2018-2019.


ZNBS has been awarded 1st Prize in Banking Exhibit category at the 2019 Zambia International Trade Fair (ZITF) in Ndola. This years' trade fair was running under the theme "Inclusive Growth Through Entrepreneurship". The Society also bugged second Prize in Non-Bank Financial institutions category.




Congratulations team ZNBS for scooping second prize in Banking Exhibit at the 54th Zambia International Trade Fair. We believe our strategies and approach to business as a financial institution clearly speaks to the theme for this year “Private Sector Key to Industrialisation”.

Receiving the Award from the Minister of Commerce Trade and Industry Hon. Christopher Yaluma is Director Mortgage and Banking Mrs. Martha M. Kangwa.


Zambia National Building Society Issues Europay, Mastercard, And Visa (Emv) Compliant Zamlink ATM Cards

11th January, 2018, Lusaka

The Zambia National Building Society has started issuing Europay, MasterCard and Visa (EMV) compliant ATM cards to be operated on the local switch called ZAMLINK. The Society becomes one of the Financial Institutions to issue the latest card technology in Zambia with a chip-n-pin feature that enhances security.

The latest Orange Card replaces the Magnetic Strip Orange Card that was rolled out in 2013.

ZNBS Managing Director Mr. Joseph Chikolwa says this is in response to the Bank of Zambia (BOZ) directive that all ATM Cards in issue by Banks and other Financial Institutions such as the Society should be EMV Compliant.

“I am happy to report that ZNBS is now one of the Financial Institutions in the country to issue EMV Compliant ATM cards. 2,220 chip-n-pin cards out of the 25,000 cards we plan to issue by 31st March, 2019 have been printed and are ready for distribution to our customers after being successfully tested,” says Mr. Chikolwa.

About 25,000 ZNBS EMV compliant ATM cards are expected to be distributed to ZNBS customers with qualifying accounts such as Salary Accounts, Student Accounts and Personal Savings accounts by the end of the 2018/2019 financial year.  

The Managing Director also said that customers with old magnetic strip cards are advised to go to their branches and apply for replacement in order to upgrade to the latest card technology.

“We would like to encourage all our customers especially those with qualifying accounts to go to the nearest branch and apply for the EMV card. Those of our customers with magnetic strip cards or the old cards are also advised to upgrade to the new card”, He said.

“This development is a fulfilment of our commitment to enhancing the services for the convenience of our esteemed customers as we actualise our mission of providing affordable and sustainable mortgage finance, financial services and other allied services for the benefit of the client, stakeholders and the Society” Mr. Chikolwa added.

22nd May, 2018 - Lusaka

ZNBS employees in ZMW1,000 salary hike.

The Zambia National Building Society has awarded its unionised employees a Salary increment of K1,000 on monthly basic salary across the board for the financial year 2018-2019.

Making this announcement during the signing ceremony of a collective agreement between ZNBS and Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) at ZNBS head office in Lusaka today, the Society’s Managing Director, Mr. Joseph Chikolwa said management is committed to improving the working conditions of employees and cushion employees on the rising cost of living.

“We are committed to improving the working conditions of our employees and cushion employees on the rising cost of living. I am pleased to mention that the salary increment of ZMW1,000.00 on the monthly basic salary has been awarded to all unionised employees.”

Mr. Chikolwa also said the institution has since implemented a robust performance management system that will see employees being awarded based on performance.

“Management has implemented a robust performance management system which is intended to increase performance and reward hard working employees. In this regard am urging the team in here to steer the agenda of performance based reward in an effort to improve the performance of the institution, improve employees’ performance in terms of productivity per employee and build a performance, and good corporate culture.

This ladies and gentlemen will help the society remain competitive in the housing finance sector and make the society an employer of choice.”

And speaking during the same event, ZUFIAW General Secretary Chingati Msiska has applauded the management of ZNBS for agreeing to award its employees with a ZMW1,000 salary increment across the board.

“we are very excited that despite the protracted negotiations, management and the union were able to agree and settled for something that is sustainable. It is true that unions can demand certain amounts but management has a duty to advance a reasonable offer in the interest of both the employees and the institution”.

The ZUFIAW General Secretary has also called on all employees to desist from any form of dishonest and fraudulent activities as this has the potential to tarnish the reputation of both the institution and the employee.

“It is always disappointing to hear cases of fraud involving our members and I want to encourage management to inform us as we are interested stakeholders in such cases.”

The salary increment awarded to unionised employees is effective 1st April, 2018.




3. PROCUREMENT PLAN - 2019-2020



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