Headlines News

5,000 benefit from loans

GOVERNMENT says 5,048 public service workers spread in 83 districts, 44 ministries and other spending agencies across the country benefitted from disbursed loans totalling K101.9 million.
According to a statement, Government has, through the Public Service Micro-Finance-Company (PSMFC), disbursed loans at 5 percent interest rate.
PSMFC chief executive officer Mubanga Mwiko said that from the disbursements made up to end of October, 2014, the PSMFC recovered K21.6 million in loan repayments.
Mr Mwiko said this development is an important step for long term sustainability of the scheme adding that the available funds for the public service loan scheme in 2014 are K107 million of which K100 million is the budget provision for 2014 and K7 million are carry-over funds from 2013.
Meanwhile, during the period under review, the Board of the PSMFC approved the Business Strategic Plan for the company for the period 2014 to 2016.
The strategic plan is targeted at developing public service friendly products and customer service innovations.
Mr Mwiko further said that the plan will also target the development of systems and procedures which will ensure that there is efficiency, effectiveness and monitoring in the loan empowerment process, for the benefit of public service workers.
The PSMFC began the loan disbursement scheme for public service workers in September, 2013.

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