Public service scheme loans ready

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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

the country.


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.