After conducting collection collaboration meetings in Blantyre and Chiradzulu, the National Economic Empowerment Fund Limited (NEEF) is meeting with traditional leaders in Ntcheu District.
The meeting aims to sensitize the leaders on the operations of NEEF, all the loan products offered by NEEF, and the loan application process, to highlight the performances of Ntcheu in loans collections and see the way forward on how the traditional leaders can work hand in hand with NEEF loan officers in the disbursement process as well as the collections process for the success of the fund.
Speaking at the meeting which is happening at West-Hill Lodge at Ntcheu Boma, NEEF Chief Executive Officer Humphrey Mdyetseni disclosed that the Fund has a very watertight loan processing that starts from the grassroots to the final stage.
“We prioritize small and medium enterprises that have the potential to create jobs for Malawians, Provides Business Management training to borrowers to help mitigate loan defaults and entrepreneurial skills by encouraging cooperatives so that there is skill transfer as well, said Mdyetseni.
He further said NEEF also provides diverse product portfolios to ensure that the fund accommodates entrepreneurs from diverse sectors of the country’s socio-economic fabric,” Says Mr. Mdyetseni, NEEF’s CEO.
Meanwhile, the collection rate of NEEF’s loans in Ntcheu is at 73.93% with Ntcheu West topping all constituencies in collections at 97% and Bwanje North being the lowest at 53%, this is according to the Regional Manager for East, Patricia Matola.
The stakeholders at Ntcheu were also reminded that only constituencies that are above the minimum collection rate of 60% will be legible to start disbursements of news loans in the 2022 year.
One of the issues raised by the participants was how would NEEF ensure that the loan application process is not marred by bribery and corruption. On this Mdyetseni assured the group that NEEF is very strict on loan officers and any NEEF official that defrauds clients shall be disciplined without any hesitation.
He further urged ADCs and VDCs to work hand-in-hand with NEEF and utilize different functions and events to inform people about loans offered by NEEF. He also pleaded with them to open up and connect with loan officers and protect them from hostile clients.
“We took advantage of the meeting to ask the local leaders so that they can take the initiative and encourage people in their areas to repay the loans so that others can benefit from the same as well,” said Mdyetseni.
Local leaders present at this meeting are Ntcheu Bwanje South constituency, Mwisho Alexander Chilikumtima; Ntcheu South MP, Damson Chimalira; Ntcheu North-East MP, Arthur Chipungu; Hon. Lymond Ziphondo, Inkosi Njolomole, Inkosi Chakhumbira, Inkosi Ganya, Inkosi Masasa, Sub T/A Nkutumula, Sub T/A Mpambo, Sub T/A Champiti, Snr Chief Kwataine, Snr Chief Makwangwala and Councilors.