CAPE TOWN - Stanbic Bank Zambia on Friday reaffirmed its commitment to financing housing development to help reduce inequalities and increase access to decent accommodation for the country's poor and vulnerable people.
Earlier this year, the Stanbic Bank in partnership with the Zambian government and civil society organisations launched the ‘Buy A Brick' campaign which aims to construct 1,000 decent houses in some of the country’s low-income areas.
The bank has commissioned and participated in the builidng of three houses under the project, which Stanbic employees have supported by acquiring building materials with their own resources and participating in the actual construction.
"We are so excited that we have embarked on this initiative because it will not only provide decent housing but also reduce poverty among low-income families," Stanbic Bank head of personal and business banking Mwansa Mutati said during a visit to construction site in Katuba district.
Zambia’s housing deficit currently stands at 1.5 million units and is projected to double in the coming years, United Nations human settlements programme Habitat says.
"Lack of affordable housing is a major challenge to efforts of trying to alleviate poverty and inequality in Zambia," Mutati said.
Stanbic Bank Zambia has reaffirmed its commitment to financing housing development for the country's poor. PHOTO: Supplied
Stanbic chief financial officer Mwindwa Siakalima said addressing Zambia’s housing shortfall had the potential to boost economic growth because when people are provided with homes, they were empowered and could contribute meaningfully to development.