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Why loan defaulting is rampant in Malawi?

Why loan defaulting is rampant in Malawi?
nyasatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nyasatimes.com Daily Mail and Mail on Sunday newspapers.

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Civic Education Minister Timothy Mtambo, UTM, MCP lawmakers incorporated into Wanderers Board

Civic Education Minister Timothy Mtambo, UTM, MCP lawmakers incorporated into Wanderers Board
Civic Education Minister Timothy Mtambo, UTM, MCP lawmakers incorporated into Wanderers Board
Mighty Be Forward Wanderers players
Minister of Civic Education and National Unity Timothy Mtambo and Members of Parliament Susan Dossi and Ulemu Chilapondwa have been incorporated into the Board of Mighty Wanderers Football Club, a few days after registering as a company.
Dossi is an MP for Chikwawa West in the Southern Region while Chilapondwa is law maker for Ntchisi South in the central region.
The Board of Directors, led by the club’s President Thom Mpinganjira, held their first meeting on 23rd July 2021 in Blantyre where they discussed a number of issues aimed at advancing the team’s commercialization drive. ....

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Youth, women facing challenges to access NEEF loans

“There is need to educate the youth, women who get the loan on financial prudence and discipline.”
The youth and women in the country are facing insurmountable problems to access the flagship countrywide loan scheme from the the country’s micro-finance firm, the National Economic Empowerment Funds (NEEF) due to cumbersome procedures.
The matter was raised through a question during a bi-weekly State House Press briefing, which was convened on Monday after State House director of Communication and President Chakwera’s Executive Assistant, Sean Kampondeni announced that the Head of State had a fact-finding date with the NEEF top brass to iron things out. ....

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Malawi microfinance firm Neef disburses K2.9 billion in group loans | Malawi Nyasa Times

The National Economic Empowerment Fund (Neef), formerly Malawi Enterprise Development Fund (Medf), says it has released K2.9 billion under the National Economic Empowerment program from February to date.
Neef chief executive officer Humphrey Mdyetseni: The fund has between February and March disbursed togroups e–Photo by Watipaso Mzungu, Nyasa Times
NEEF Public Relations Officer, Whytone Kapasule, said in an interview on Monday that over 1,429 groups; 443 youth groups, 915 women and 71 others have so far benefited from the fund.
“From these groups, a total of 4,430 individuals have already benefitted representing 31 percent. But let me also stress that NEEF is planning to disburse the initial K5 billion by mid-May, 2021,” said Kapasule. ....

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Msungama storms Neef offices over loans for the youth

April 8, 2021
Owen Khamula - Nyasa Times 3 Comments
Minister of Youth and Sports Ulemu Msungama on Wednesday stormed National Economic Empowerment Fund (Neef) offices to find out why there were delays in disbursement of loans to the youth.
Msungama: Youth want loans
Neef acting chief executive officer Humphrey Mdyetseni said so far, the government-owned microfinance firm has disbursed K2.9 billion of the K5 billion government allocated to it since it resumed loan disbursements in February.
He has expressed confidence that the organisation will distribute the entire K5 billion by mid May, adding that it expects to distribute a maximum of K15 billion by the end of the current financial year. ....

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