NEEF disburses K16.9 billion loans; K8.8 billion to 3,576 in women groups

By John Saukira

National Empowerment Economic Fund (NEEF) has disbursed K16.9 billion to various groups with K8.8 billion going to  women from 3,576 groups and K3.9 billion to 1,474 youth groups.

Speaking during a sensitization workshop on access to finance and NEEF products in Lilongwe, NEEF Board chairperson Jephter Mtema disclosed that they also disbursed loans amounting to K879 million to 438 payroll individuals.

He said currently there is a good progress in as far as loan disbursement is concerned.

Mtema said the workshop was important because it would help business community to have information on what is happening at NEEF so far. 

Secretary for Industry Peter Simbani said Government is aware challenges small scale business is facing in Malawi, saying currently research indicates that only 3% of micro business access loan financing.

He said the meeting was so important for the Ministry of Trade to explain opportunities which exists so that traders understand and make use of the opportunities.

The PS said he was aware that there has been some complaints by the general public that there has been no flow of information.

“SMEs are intergral part of Malawi Economy. SMEs should look to the future in a positive way and most Malawi SMEs fails to reach the requirements such as collateral and audited bank statements,” he said.