High Interest Rates Cited For Declining Number Of Mortgages In Zambia


Lack of cheap sources of funding and high interests rates have been cited as some of the reasons for declining number of mortgages in Zambia.
Bank of Zambia-BOZ Assistant Director Regulatory Policy, Zifa Mphande notes that despite the country’s growing building society sector, the number of mortgages has continued to shrink.
Mr. Mphande says these challenges have resulted in the mortgage industry failing to provide adequate solutions for affordable housing.
He says one step the central bank has taken is to comprehensively review the building societies act to unlock cheap funding to the sector.
Mr. Mphande was speaking at the global mortgage training organised by the Zambia National Building Society.