20 March 2018

Zimbabwe: FBC Targets Teachers

FBC Holdings is targeting to build houses for teachers in 72 districts in a bid to strengthen partnerships with Government in delivering decent housing to teaching professionals while unlocking untapped markets.

The bank will provide loans to teachers at an interest rate of less than 15 percent per annum, which the bank usually charges ordinary customers.

FBC said the housing programme was targeted to run for at least five years.

Speaking at a ceremony for the signing of the Memorandum of Understanding (MoU) with the Ministry of Primary and Secondary Education, FBC spokesperson Ms Priscilla Sadomba said the housing project for the teachers would complement the e-classroom initiative they started working on with the ministry since the beginning of this year.

"We intend to build houses for the teachers in as many schools as possible across the country at a very attractive interest rate, to ensure they will be able to pay within the stipulated time.

"These and other projects are expected to have a life span of at least five years," said Ms Sadomba.

FBC has partnered the Government this year in the setting up e- classrooms, to make it easier for tutors to interact with students and conduct lessons.

Over 14 schools have started receiving state-of-the-art technological gadgets.

The financial institution partnered the Government to speed UP implementation of the new curriculum for schools to improve innovative skills.

These highly technological e-classrooms project entails provision of iPads, tablets, laptops with touch screens and projectors among other things.

FBC's intends to ensure more schools get the similar technological devices.

"We are a financial institution that believes in the innovation drive and we believe that we will be part of this innovation journey (curriculum) and we will be part of it.

"We will continue supporting the Government in its bid to empower the schools with the innovation," she said. FBC is also targeting tertiary institutions.

Primary and Secondary Education permanent secretary Dr Sylvia Utete-Masango said Government will continue to empower institutions with latest technologies to help pupils get accustomed to modern technologies.

She said more innovation information communication technology gadgets were coming and telecommunication companies were part of the initiative.

In terms of housing, 48 units will be constructed under four different phases in Mount Pleasant, Harare, which will be built in clusters of 12 units each.

FBC's loan facilities, which normally attract an annual interest rate of 15 percent per annum, usually have tenure of 10 years.

The banking group said providing loans for housing schemes had helped drive sales.

Apart from fully developed housing units, FBC Building Society is currently selling 10 serviced medium-density stands in Springvale, Ruwa.


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