HARARE, December 21 (The Source) – Zimbabwe Stock Exchange (ZSE) listed financial services group, Getbucks says it is now offering mortgage loans to low income earners.
Chief finance officer Paul Soko told The Source following the group’s annual general meeting that the product was launched in November, with the loan attracting 18 percent interest per annum and is payable in 10 years with zero percent deposit.
“So far we just started and everyone is so excited by the product because unlike a traditional mortgage, we can give a mortgage of $2,000 to $5,000 which you cannot get from any other commercial bank. Its unique in that it appeals to low income workers,” said Soko.
Managing director Mercy Murevesi said Getbucks’ loan clients are 70 percent public service and 30 percent small to medium enterprises (SMEs).
The company is also pursuing the change of name to Getbucks Microfinance Bank early next year. Getbucks was granted a Deposit Taking Microfinance Licence by the Reserve Bank of Zimbabwe in January this year.
Its mortgage facility competes with FBC Building Society whose charges average 15 percent while ZB Holdings has several facilities with interest rates ranging between 15 percent and 18 percent.