Mangochi to benefit from K4 Billion Kwacha NEEF loans

ByLyte Ali

National Economic Empowerment Fund (NEEF) has disclosed that in the 2024/25 financial year, it will disburse K4 billion to communities in Mangochi district, after its satisfaction with the district’s percentage of loan repayment.

Speaking during a stakeholders meeting which was organized in Mangochi on Tuesday, Head of Finance at NEEF, Benedicto Kananza said out of over K4 billion that the institution disbursed to communities in Mangochi for the past three years, it has managed to collect 85 percent of the loans.

Head of Finance at NEEF, Benedicto Kananza

“We are impressed with how communities in Mangochi are responding on loans repayment, which is at 85 percent, surpassing the national loan repayment, currently at 70 percent.

“We are therefore going to disburse K4 billion to help people expand their businesses and farming. We want to focus on providing substantial loans for both businesses and farming activities, with a special emphasis on supporting winter irrigation farming to utilize the district’s plentiful water resources,” Kananza said.

He also said the institution was facing difficulties getting some people to repay back their loans, which he said was a hindrance to their aim in empowering Malawians who are yet to benefit.

“Some of our staff members get beaten when they want to collect loan repayment. This makes it difficult for us to operate, and at the same time prevents us from accessing back the loans balances,” he said.

In his remarks, Chairperson for Mangochi District Council, Councillor Hassan Chikuta hailed NEEF for providing an opportunity to communities in the district, saying it has helped to uplift livelihoods of many households in Mangochi.

One of the stakeholders at the meeting, Golden Tebulo said the meeting has been an eye opener on how loans are accessed at NEEF, and how to effectively utilize the resources.