SUCCESS STORIES
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Phiri had long grappled with the challenge of achieving his intended yield production. However, his trajectory changed dramatically upon securing a Farm Input Loan from the National Economic Empowerment Fund (NEEF) Limited. Little did he anticipate that this financial assistance would not only render him self-reliance but also enable him to become a pivotal contributor to Malawi’s development, generating employment opportunities for over 100 individuals.
Boyson Kabvina Phiri of Kaphinga village in Traditional Authority Kayembe, in Dowa District, had been farming for decades but could have never fathomed that one day he would be able to employ other people and meet his other financial needs.
Phiri said after following all necessary procedures of accessing loans, he managed to attain a Farm Input Loan amounting to 30 million Kwacha which he invested in cultivating 30 hectares of maize and 10 hectares of tobacco.
“Iβm expecting to harvest about 4000 bags of maize which I will be able to keep for food and sell some to service the loan. I have managed to produce 100 bales of tobacco ready to be transported to auction floors for selling and am optimistic that I will manage to pay back the loan in time for others to benefit too,” explained Phiri.
He further added that the loan helped to transform his life and other peoples lives as he managed to employ 20 permanent workers and 100 part time workers daily. “I commend NEEF for playing a significant role in transforming our lives through giving loans to people across the country regardless of region and tribe. If this continues, it will soon transform the nation,” he said.
NEEF is still giving out loans to individuals or groups in a quest to transform their businesses and livelihoods.
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In a significant community initiative, National Economic Empowerment Fund (NEEF) Limited has donated 10 boreholes to Balaka District, addressing the critical need for safe and clean water.
Leading the handover event in Balaka, the Minister of Finance, Hon. Simplex Chithyola, commended NEEF for their outstanding work and alignment with the Sustainable Development Goals, 2063.
The Deputy Minister of Water and Sanitation, Liana Kakhobwe Munthali, praised NEEFβs efforts in providing clean water. She encouraged other organizations to follow NEEFβs example in community service. βAs a government-owned institution, NEEF not only works towards economically empowering Malawians but also helps meet community needs. Access to clean water is a beacon of hope and development in our country,β she said.
Among the boreholes handed over; one is at Chilanga Community Day Secondary School in Balaka Central East, T/A Amidu, which is located 40 km from Balaka Boma, and another in Tsite Village, T/A Phalula, Balaka West, located 60 km from the Boma. Other boreholes were constructed in villages that also had dire need for access to clean water such as Bowazi, Tsamba, Mbera, Njale, Thukuta, Solomon, Matola and Mpilisi Trading Center.
Speaking at the event, TA Amidu expressed her joy of receiving the borehole in her area, stating how much it would improve a healthy livelihood of the surrounding learners as well as the community members. βI would like to express my gratitude to NEEF and its organization leaders who not only empower us economically through provision of affordable loans, but have also constructed this borehole to help us have access to clean water in this area,β said Amidu.
Since 2021, NEEF has disbursed MWK 100.9 billion, achieving a 75% collection rate, with Balaka District at 85%. NEEF remains committed to economic stability through loan provision and continued community engagement.
Pilirani Jumbe is a 32-year-old married entrepreneur who hails from Nthundu village, Traditional Authority Kapeni, in Blantyre. Jumbe started business in 2012, selling trousers around Blantyre streets.
βI used to sell trousers around the streets and had little capital running the business but I kept on pushing for 3 years until I secured my own bench in Limbe market in 2015,β explained Jumbe.
Jumbe previously took loans from other institutions but could not continue with them after he heard of National Economic Empowerment Fundβs low loan interestsβ rates hence, he decided to switch to NEEF.
He accessed a loan amounting to 6 Million Malawi Kwacha in May, 2023 and bought 2 hijet busses adding onto the 5 hijet buses which he already had running.
Apart from selling second hand clothes, Jumbe also established other businesses such as, breaking car services, Mpamba and Airtel money agencies to sustain his business #neef . βI diversified the businesses as they help each other exist when one business is not really doing well while the other is performing well,β explained Jumbe.
He has since employed 4 other people that assist him operate the buses and plans to add the labours. Jumbe affirmed that he will finish repaying the loan this month and has already started processing another loan worth 12 Million Malawi kwacha. He plans to buy more hijet buses and other bigger buses that will transport people from Malawi to the Republic of South Africa.
Jumbe urged all youths not to look down on themselves as it is possible to run businesses with focus, resilience, and have a positive mind towards NEEF loans as far as accessing the loan is concerned.
NEEF LOANS STILL EMPOWERING YOUTHS
Among various loan products that NEEF offers, Youth loans aim to empower Malawi’s vibrant and visionary young adults, enabling them to effectively manage their enterprises.
Catherine Mathambo, who runs a maize mill business and is also a member of Mpando wa Mwali Youth Club from Mtakataka from Traditional Authority Kachindamoto in Dedza, accessed her first loan from NEEF amounting to MK1,000,000 in order to grow her business. Mathando joyfully explained that her standard of life improved tremendously after accessing the loan and using the money wisely for her business.
βIf I compare the past years to my present days, the MK1,000,000 loan has significantly transformed my life. I am now building another Maize Meal here in Mtakataka, and I am able to pay my relatives’ school fees, as well as assist my parents in providing food for the family,β Mathambo said.
Concurring with Mathando, Festino Duncan, a member of the Hungry Lions Youth from Mtakataka, Traditional Authority Kachindamoto in Dedza, who also applied for two NEEF loans, stated that the loans had significantly improved their quality of life.
Duncan first took out a loan worth MK250,000 with which he began his grocery and fabrics business. He later took out a second loan worth MK1,000,000 to expand his business endeavors.
“This loan is truly beneficial to young people who are running small scale business in this country. In my situation, I was able to purchase two motorcycles and a Sienta car, and my shop is still operational. I also hired three people who are assisting me run my business,β said Duncan.
Through prudent investment and diligent management, dreams once confined to imagination now stand as tangible realities. With stories such as that of Mathando and Duncan, the narrative of empowerment and resilience unfolds, inspiring a promising future where the aspirations of Malawi’s youth find wings to soar, propelled by the steadfast support of NEEF loans.
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