#MondayBlues: Telecel, Econet Employees  Tipped for the New NSSA Bank

There is going to be a major exodus at Telecel  and Econet as employees are highly tipped to find a new home in the comfort of the ambitiously moving NSSA. As the state owned investment vehicle nears completion and official launch of its first bank, sources leaked very reliable #Intel that NSSA is targeting experienced employees from the mobile network companies with a vision of establishing an art of the state mobile bank. 

NSSA will be officially launching, a new banking institution which will be called NSSA Building Society,  NBS and they are looking forward to engaging tried and tested technology players in Zimbabwe.

Senior executives, from Zimbabwe’s telecommunications sector have already landed some relevant top posts with some (names supplied) already confirming the new positions while the  move will come in as a deep cut affecting the sector.

This becomes the  social security provider’s second fresh attempts for a banking venture coming in barely two years after sinking and losing US$50 million of pensioners’ funds in a botched attempt to rescue Patterson Timba’s Renaissance Merchant Bank (RMB).


A colleague , Mr Taurai Mangudhla has already reported that despite attempts to save RMB, including rebranding the bank to Capital Bank with the hope of distancing the entity from mismanagement and abuse of depositor’s funds, the bank went under in 2014 with millions of NSSA’s funds.

The Capital Bank case is just but one of NSSA’s questionable banking investments.

NSSA also lost about US$16 million in other banks that have been shut down. It had US$15 million deposited with Interfin Banking Corporation, which closed down in 2012 after gross abuse of depositors’ funds was unearthed. The authority also owned 10,02% of Interfin Financial Services, the parent company of Interfin Banking Corporation.

NSSA had more than US$750 000 in Genesis Bank, which collapsed in 2012.

Labour minister Prisca Mupfumira announced that the  social security provider is to invest more than US$50 million in what she referred to as the Social Security Building Society. This is despite the fact that it owns 35% of FBC Holdings, parent company to FBC Bank and FBC Building Society.

NSSA also has a major stake in Africom, one of the struggling Internet Access Providers and their latest investment will need a lot of energizing to invest the lost confidence.

While critics may  have remained skeptical, it seems NSSA will not be stopped by all these mistakes and is going ahead with the new lucrative investments in the telecommunications sector including the latest acquisition of Telecel Zimbabwe in partnership with the Ministry of ICT Postal and Courier Services.




Nicole Madziwa

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