Over 5,000 civil servants get 5% interest loans

Government has disbursed a total of K101.9 million in loans to 5,048 public service workers in 83 districts across the country.

The loans have been disbursed under the Public Service Micro-Finance-Company (PSMFC) which government launched in September 2013.

PSMFC Chief Executive Officer Mubanga Mwiko has disclosed the development in a statement issued to ZANIS in Lusaka today.

Mr. Mwiko said 44 government ministries and other spending agencies have also benefited from the loans that are being dispersed at 5 percent interest rate.

He explained that from the disbursements made up to end of October, 2014, PSMFC has recovered K21.6 million in loan repayments.

Mr. Mwiko said the repayment was an important step for long term sustainability of the scheme.

And Mr. Mwiko disclosed that during the period under review, the board of the PSMFC has approved a business strategic plan for the company.

The plan is for the period 2014 to 2016.

Mr. Mwiko explained that the strategic plan is targeted at developing public service friendly products and customer service innovations.

He further said the plan will also target the development of systems and procedures which will ensure that there was efficiency and effectiveness in monitoring the loan empowerment process for the benefit of public service workers.