I HAVE often wondered how Zimbabwe’s building societies came into the banking business when they are not called “banking societies”.
The label, “building society” gives the impression that their core business is building. N
othing could be further from the truth.
Zimbabwe’s housing list continues to grow, and last year’s Operation Murambatsvina made the homelessness situation worse, while the so-called building societies have yet to prove that they are doing anything significant on the housing front.
I haven’t heard of many houses being built by building societies and I dare say housing cooperatives have done more over the years with the meager resources they get from members’ contributions.
Why are there so few houses built by building societies? After 26 years of Independence, building societies should have built more houses than any other organisations.
Perhaps the RBZ could look into this situation and find out how many houses have actually been built by these societies, and how many of their clients have benefited.
If they have nothing to show for their “building profiles”, they should have their banking licences revoked immediately, or have them change their names to banking societies.