Public service scheme loans ready
Solwezi, June 13, 2013, ZANIS—Government will this monthend start disbursing
scheme loans through the newly established Public Service
Micro-Finance Company (PSMFC)to public service workers.
The loan scheme will kick-off on a pilot project in four selected districts
of Luapula and North-western provinces where public service workers have already
started lodging in applications.
PSMFC Chief Executive Officer, Mubanga Mwiko said in Solwezi today that the bank is expected
to start issuing the cheap loans to eligible public service workers in the four pilot districts before
the end of this month.
Mr Mwiko said the bank has picked Chiengi and Nyelenge districts in Luapula
province and Kasempa and Chavuma in North-western province as pilot
He said the programme will in due course be rolled out to all
provinces so that as many public services workers as possible could
access the loans.
The maximum that one can get will be KR 50,000 at five
percent interest rate.
Mr Nwiko said this in Solwezi today during a meeting with provincial
heads of government departments to explain the operations of the bank
and discussed the modalities of collecting application forms in the remote areas.
He said the bank will be operating on the platform of National Credit
and Savings Bank which has a wider footprint in most remote areas of
Mr Mwiko said the bank has already received overwhelming response from
public service workers in the four districts who have submitted applications in
the last few days of commencing the pilot project.