National Economic Empowerment Fund Limited (NEEF) Chief Executive Officer, Humphrey Mdyetseni has urged Nkhata Bay residents to think big with NEEF loans by setting up substantial enterprises.
Mdyetseni said this on Tuesday during a stakeholder’s engagement meeting on loan performance update programme in Nkhata Bay, pointing out that many are taking small loans averaging K736, 962, which cannot help them to kick-start larger enterprises.
According to Mdyetseni, NEEF offers 26 loan options catering to various needs with age limit of 75 years, targeting 50 percent women and 25 percent youths.
Nkhata Bay District Council Chairperson, Joseph Thula, commended NEEF for engaging the stakeholders as this has given them a platform to answer some of the questions commonly asked.
“We have also been introduced to new products that are on offer like Vuukani loan which has no collateral,”Thula added.
Currently, K 2.5 billion has been disbursed in Nkhata Bay, representing 8 percent of the total loans in the North and the Northern region is leading with 90 percent in terms of loan repayment nationwide.
In attendance at the meeting were Member of Parliament for Nkhata Bay West Chrispin Mphande, Nkhata Bay District Council Directors, Councillors, Chiefs, interest groups, Area Development Committee members, among others.
By Chisomo Kambandanga, MANA
