8 000 NSSA loans for pensioners

By Sharon Chimenya


AT least 8 000 pensioners are beneficiaries of concessionary loans which seek to
promote and enhance pensioners economic activities and income.
The National Social Security Authority (NSSA) started the programme three years
ago to ensure that pensioners access loans for income-generating projects at an
interest rate of 10 percent.
NSSA Chief Investment Officer, Isaac Isaki, during a journalistic mentorship
programme said the pensions fund is also using its investments in promoting the
welfare of its pensioners.
“We do have loans that we offer to our pensioners as part of enabling them to invest
in economic activities that enhance their income.
“We started this programme about three years ago and to date about 8 000 have
benefited from concessionary loans,” he said.
“We provide banks with very cheap loans and they lend to our pensioners at
affordable rates. We are now looking at increasing the fund for pensioners to at least
$2 billion this year.”
The authority has also key investments in such companies as the Rainbow Towers
Group, First Mutual, OK Limited that are listed on the Zimbabwe Stock Exchanges
and they help in generating dividends and growth.
Isaki said besides giving out loans they are using their investments in OK to also
provide discounts to NSSA pensioners.
“We are using our investments to also promote the welfare of our pensioners. We
are using these banks to deliver on the value added pensioners’ benefits in terms of
concessionary loans. We are also using our investments in OK to provide discounts
to our pensioners when they go to shop in OK,” he said.
Meanwhile, NSSA is set to increase its investments offshore by 15 percent which is
meant to cushion their schemes from economic challenges.
“We do have investments offshore, which are meant to cushion our investment from
economic challenges.
“As part of promoting sustainability of our schemes we have a target of increasing
our investment offshore up to about 15 percent of our portfolio. This is meant to
cushion our portfolio from economic challenges that will be happening from time to

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