New agreement set to provide affordable homes in Zanzibar

ZANZIBAR: IN a significant move to address housing needs, the National Bank of Commerce (NBC) and the Zanzibar Social Security Fund (ZSSF) have signed an agreement to offer affordable homes in Zanzibar, Mainland Tanzania and to Tanzanians living abroad.

The agreement, signed at the ZSSF Headquarters in Zanzibar, will see both institutions collaborate on the sale of affordable homes built by the ZSSF in the modern residential area known as Dr Hussein Mwinyi, located in the Mombasa area of Mchina Mwanzo, Zanzibar.

The ceremony was attended by ZSSF Human Resources Director Saleh Daudi Makame and NBC Retail Banking Director Mr Elibariki Masuke, along with other senior officials from both organisations.

Mr Masuke expressed the bank’s commitment to improving access to quality housing, stating, “This agreement opens the door for citizens of all income levels within and outside Zanzibar to own homes more easily. It is a new and right refuge for those who have long struggled to own homes.” NBC will provide long-term loans with favourable terms, including repayment periods of up to 25 years, to eligible customers. “We offer a range of home loans from 20 million/- to 1 billion/-, designed to accommodate buyers across all price ranges,” Mr Masuke added.

He explained, “Our primary objective is to ensure this service is accessible to all citizens, from low to middle and high earners. Our loans are structured to provide financial relief to a diverse range of customers, allowing anyone with the dream of owning a home to benefit.” The loans also come with specialised insurance to protect homes against risks such as the death of the homeowner, fire, earthquakes and other natural disasters. “If a customer passes away before completing the loan repayment, the insurance will cover the remaining debt, relieving the burden on the family and safeguarding the property from natural disasters,” Mr Masuke said.

ALSO READ: NBC Bank, ZSSF partner to provide affordable homes in Z’bar

Mr Makame emphasised the variety of homes available through the partnership, ranging from twobedroom to four-bedroom units. Some homes have already been sold, while others remain on the market.

“With this new partnership with NBC, we believe these loans will facilitate quicker sales of the remaining homes, allowing us to recover the 35 billion/- invested in the project. This will strengthen our fund and ensure timely benefits for our members,” Mr Makame noted.

This landmark agreement addresses housing challenges faced by Tanzanians and strengthens the strategic partnership between NBC and ZSSF, positioning both entities as key drivers of the nation’s social and economic development.