Speaking after presiding over the signing in ceremony of the Memorandum of Understanding (MOU) between the two statutory agencies, Minister of Information and Communications Technology Nicholas Dausi said the arrangement was good for the social development of the country.

“This arrangement is a good development for social development in the country as the two institutions will increase their business,” Dausi said.

According to the Board Chair for MEDEF Patrick Chilambe, the arrangement aims at making sure that loans were accessible even in rural areas.

“Poor repayment of loans is one of the reasons why the fund has not been growing. This has been the case because most of our customers live in rural areas and we are not always there to recover the money. So, through this arrangement, we aim to be closer to our clients,” Chilambe said.