The National Economic Empowerment Fund Limited (NEEF) is still undertaking loan recovery campaigns in all districts across the country.
Currently, the campaign has now gone into the sixth week with positive strides being registered in tracing default clients, engaging them when found, collecting the areas, and administering commitments in cases of those that are willing to pay.
NEEF Chief Executive Officer, Humphrey Mdyetseni on Monday conducted a review of the exercise with NEEF Managers where he hailed the progress being made.
“The recovery enforcement campaigns are bearing fruits and we will continue to ensure that all loans with area days of 180 days are pursued and collected.
“I’m pleased that we have managed to collect MK1 Billion in the 6 weeks of the intensive campaigns and this is no mean achievement. The Head office-led teams will continue enforcing repayments in Lilongwe while the rest of the districts will be covered by officers based there,” Mdyetseni emphasized.
So far NEEF has disbursed 52.2 billion Malawi Kwacha to 132, 239 clients and the recovery rate currently stands at 55%.
Prospects are there that the collections rate will be pushed to 80% owing to the recovery enforcement campaign underway.
The exercise has also helped to change client’s and stakeholders’ mindsets on the importance of paying back NEEF Loans as some had preconceptions that NEEF loans are a token and must not be paid.