NEEF To Hire Debt Collectors to Recover K6.4Bn From Loan Defaulters
The National Economic Empowerment Fund - NEEF says it is on a verge of hiring a debt collector to help in recovering 6.4 billion Kwacha loans that were disbursed prior to June 2020 fresh elections.
NEEF Spokesperson, Whytone Kapasule claims that from a target it gave itself to recover the loan between July to December 2021, the institution has only managed to collect at least 600 Million Kwacha from the loan defaulters that benefited from the amount in question.
“Loan defaulters are not coming forward to repay the money they owed the institution. We have used everything to recover the money but nothing has worked hence taking another step,” he said.
Dr. Betchani Tcheleni is an economist and fears the amount will not be fully recovered considering the circumstances it was disbursed.
“This is government money from taxpayers and needs to be collected. However, considering circumstances it was disbursed, I doubt if all will be fully recovered,” he said.
As we speak, since September 2021, other funds amounting to 8.1 billion kwacha have been disbursed to at least 3, 336 groups in the country a majority of them women groups.
Last modified on Wednesday, 09/02/2022