NBS rolls out new SME financial solutions
BUSINESS REPORTER
Financial services provider, the National Building Society (NBS), has unveiled new small to medium enterprises (SMEs) value chain financial solutions to help entities to improve their financial health, Business Times can report.
In an environment where liquidity is the protagonist, the new financial solution will be essential to support the SMEs.
Zimbabwe’s registered SMEs can now open an SME suite account with three account classes—silver, gold and platinum.
Speaking at the official launch last week, the NBS head of marketing, Mildret Kujinga said segmentation was key to NBS as it enhances the bank’s appreciation of the worth, significance and uniqueness of each business class.
“NBS is in pursuit of building communities and the society is set to prioritise SMEs on housing delivery projects,” Kujinga said.
“The offering will empower and contribute to the growth of Zimbabwe’s SMEs. NBS seeks to confront and address the financial challenges faced by SMEs in their day to day running of the business.”
“We have done our research as a society. We now avail a suite which will offer disruptive financial solutions that will help our SMEs grow.
“Our product offering takes care of SMEs’ key business pillars such as improving their liquidity position, digitisation of SMEs business platforms and providing financial literacy and investment opportunities. We are launching their home that will incubate their products into becoming market leaders of this economy and beyond.”
Kujinga said NBS has working capital products, mortgages products tailored to incorporate SMEs.
The SMEs will also be able to access suppliers and buyers of their products who also bank with NBS.
Kujinga said NBS has bespoke mortgages products that will enable a good number of Zimbabwean entrepreneurs securing homes with an NBS as long as they log in their innovation with the NBS suite and also embark on traceable business banking with the Society.
At the launch event, which was graced by selected SME representatives who testified on how their businesses operating efficiencies had been improved by facilities they get from NBS.
NBS has also rolled out digital platforms which will aggregate as a digital market place where sellers and off takers interact as well as exchange of payments all happening on the NBS banking ecosystem.
Kujinga said NBS has ramped up on its digital offering which is key to creating business banking operating efficiencies designed to meet the diverse needs of SMEs.
In its financial results for the six months to June 30, 2021, NBS reported a profit amounting to ZWL$8.5m from ZWL$57.8m achieved in the same period in 2020.
Total operating income for the six months to June 30, 2021 grew to ZWL$312.5m from ZWL$187.5m reported in the prior comparative period.
Total assets for the lender grew 40% to ZWL$3.8bn in the reviewed period from ZWL$2.7bn reported prior comparative period.
Deposits grew to ZWL$1.7bn from ZWL$855m in 2020.
The deposits acquired were then deployed into loans and advances which grew by 91% to ZWL$1.1bn from ZWL$585m in 2020.
Investment securities also grew by 141% to ZWL$81m from ZWL$33m reported in 2020.
