SCORES of clients who applied for loans under the Copperbelt Youth Forum (CYF) micro-finance facility are demanding refunds of the down payments they made after failing to access the funds for close to 12 months.
When contacted for a comment the fund’s national coordinator, Alex Mutale said his organisation was genuine and had no intentions of swindling its clients.
“Our aim is to empower Zambians and we have so far spent K2.4 billion which was accessed by 500 people from different parts of the country. Those doubting us are free to engage the police to investigate us because we have nothing to hide,” Mr Mutale said.
He said his organisation was working in collaboration with the ministry of Youth Sport and Child Development, which was providing the much needed moral support.
The clients have, however, appealed to the Inspector General of police to launch investigations into the activities of the organisation.
The applicants from seven provinces applied for loans, whose amounts ranged from K5million and K50 million under a countywide youth driven micro-finance facility.
Loan applicants were compelled to pay 10 per cent of the loan amount as security fee and another down payment of eight per cent of the loan amount for administrative costs.
The affected people who include youths, widows and some rural farmers said in separate interviews that they had been swindled through the down payments that they paid as part of the condition to access the loans.
Loyce Tembo, who made a down payment of K1.8 million with the hope of accessing a K10 million loan in April said she was on a number of occasions told that her application was successful and that money was deposited in her account but there was nothing after she checked.
“I was later issued with a cheque which bounced and they told me that I will be put on the list of the next group to be paid but up to now I am still waiting to access the loan,” Ms Tembo said.
Nelly Phiri, who has over the last five months been frequenting CYF offices in Ndola said the youth, widows and other underprivileged people who struggled to raise the 10 per cent of the loan amount as down payment would not rest until they got refunds.
“Instead of assisting us they are now contributing to worsening our situation by holding on to our hard earned cash. The authorities should do something to compel these people to do what they promised the people after getting the down payments,” Ms Phiri said.
Manfred Mulyunga, a farmer from Mukonchi area in Kabwe said hundreds of disappointed beneficiaries who applied for loans since February now wanted refunds of the down payments that they made.
Mr Malyunga said the Government should intervene and ensure that desperate people were not swindled.
[Times of Zambia]
#1
yaluka pa zed katwishi ngatuleya kwi
Imwe, give the people back their money alah. You ask for down payments and now you want to steal from them? Kutumpa.
😕
Iwe Mutale, can you pay back the money? You even have the audasity to issue cheques that bounce? Can the police investigate this organisation immediately.
Eish! No good news this monday morning! LT pls give us something funny on this dull morning! Its freezing in the UK! :d
#6. Who are you kidding? Pa Bauleni ati UK?
why is this called a down payment? i mean there is like administration charges that these people could have paid to be considered for a loan then they would not have any of these claims. This is what makes it fishy i can not ever remember making or being told that i make a down payment for a loan if they havent got there money just issue back the down payment they could have done a lot with that money in the 12 months they have been waiting. :o:o
basakala
Pa Zed too much comedy…….stealing from the poor in day light. Someone needs to check on that Mutale boy who has swindled people. Its sad that people work hard and the little Kwacha saved up, someone steals it and the government is just watching.
Mutale should be fired immediately and the applicants should be given the loans as well as a compensation package for the inconvenience.
Mutale should also be investigated on charges of fraud and corruption and also abuse of govt office.
Where is the ACC, DEC, Zambia Police and Task Force on the whole issue. Why is it that Mutale has not been investigated???
~X( >:p
\:d\
:)>-
[-( 😉
:-\” I am bored
Lucky me i didn’t deposit the money, I was just waiting to see how many people were going to eccess loans. Thank GOD. Our gover never cease to amaze me. Steling from the poor Zambians.[-(
This is a scum. No downpayment for real loans. My imagination is that these people collect these relatively small amounts from individuals but when these amounts are put together they total into hundreds of millions of Kwacha. If these millions are banked or loaned out at 30% interest then we are talking of a double multiplying factor of the amounts.
These people will be able to generate billions after a couple of years from the little offerings that you were donating in the name of DOWN PAYMENT or SECURITY fimo fimo!!!
LT this is nice if one has nothing to say, its just to put the faces. How refreshing! :d/:((:o:-w**===:)@-)>:p:-@:-:*:-$
This Mutale boy is a shameless thief. He is even challenging the police to investigate him. What sort of nonsense is this. Iwe ci Mutale can you give those pipo their money atase iwe. Uli cipuba. You are taking pipo for a ride tefyo.
Very sad situation, stealing from the poor widows and farmers. Justice should privail and an investigation should be free of corruption so that Mutale and group should be punished for stealling from the poor.
You go to ask for a loan and you asked tp pay b4 you get the money you need??Hmmmmmmm:-? This shud set off some alarm bells in your head already:o But pa Zed, zoona napo that why are always in the:(( mode all the time!!
=))
when a person runs to the police then they are also involved,ala lve been to police headquaters with a problem l tell u our country is messed from the bottom-up,everyone is a police,lawyer,contractor and politician name it they take the law i their own hands,my…….what a country,ba mutale is corruptically protected l tell u,
You get a loan because you have no money. Why should one be asked to pay a deposit if s/he has no money? It is all against simple logic.
i can not belive it %-(%-(
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😮 No. 7 it is really cold today in the Uk. I think you are the one in Bauleni.what a shame – daylight robbery the government shpould introduce CRB checks for such chaps ands organisation ( stiff regulations ) .this is pyramid scheme to me.
Ba 24, dont pull our legs. Just because you saw the great Man U players keeping warm on TV does not mean you are there. Bafye bwino
Give them back their money.$-)
Dont trust a guy with a name like Mutale. It is like trusting a Nigerian with your money.
Sooner or later these are the same people you want in gvt-thieves.They degrade the nation day in day out yet no one seems to care for poor zambians.Mutale is a thief and the police should not wait to act but should be proactive
😡
Any fees, admintrative costs are built into loans, if someone asks you for money before giving you money RUN!!!
bushe pa zed yab shani kanshi? you mean there is no legislation to regulate lending? i mean i can smell a rat miles away. this whole thing is a scam.They say you pay 10% and yet the other woman paid 1.8 million and she was supposed to get 10 million. That is not correct. it should 18 million. any way govt needs to regulate and monitor such organisations and shoulsd impose tougher penalties for any abuse
Whats the big deal of being in the UK or not?? Come on…those who have been there know its nothing to write home about, really its not and more so now when its cold, damp and gets dark as early as 4pm!! So if you are pa Zed, you’re not missing much so stop turning green with envy when someone is there, here or somewhere…the only place I only have issues with is being alone 6ft under, then you know you are fcuk’d!!! 8-x
It is always a risk dealing with a Mutale like names in Zambia financial Matter. Next time you want to do a business transcation carryout a due deligence especially if a name sound like Mutale etc..
:x:d/
trust a bemba man as a husband cos he can cheat on u but cannot leave u but dont trust him with business and money,thats the result of being mutale,he brings up his own mathmatics of 1.8m being 10%of what?!………..hey guys,mutale type of people need to go for refresher courses on how to do things in todays world
” “I was later issued with a cheque which bounced and they told me that I will be put on the list of the next group to be paid but up to now I am still waiting to access the loan,” Ms Tembo said. ”
Isn’t it illegal to issue bad checks? And there is enough evidence for the police to act.
thats why unza was built on the great east road not great north road. people like mutale, walya,musonda only know ways of stealing from people who work hard to generate money.money is difficult to get and someone grabs k1m from u for months!!! haa!!!ya!yaa!!yaa!!yaa!!8-x
:((
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LT should send a reporter to investigate this outfit. Have they actually lent any money to anyone? If so, how much and to whom? If not they should be shut down and have their assets confiscated.
uuhhm, balilya money amaboys naimwe.
MUTALE, YOU ARE DISTURBING OUR CHANCE TO RULE ZAMBIA THROUGH PF. NOW PEOPLE WILL DECLARE US TO BE THIEVES.
THIS GUY IS IN PF TEAM
Zambia forward, in tune with the Nation!
Thank you LT for providing only sensible animations:
:)>- UNIP, MMD l-), UPND =; others :-@
Bushe aba bakabwalala bafuma kwi?
:(:((:d/:)>-
Mere thieves. What role does BOZ play in monitoring these scrupulous organisations? There should be no deposit for a cash loan; maybe for a house or car, but not cash. Seems the responsible institutions (ACC/TaskForce/DEC) are directed to pursue one person, Chiluba, bamakaka you will never arrest chiluba. There are many thieves in Zambia right now that are going free. Chiluba is an “engineer,” a political engineer, you can see how he has dumped Sata. Not too long from now he will rebuild his repossed institute and will teach engineering so you are chasing the wind.
The whole concept of microfinance was started for the purpose of extending loans to entrepreneurs too poor to qualify for traditional bank loans. In 2006 Prof. Muhammad Yunus of Bangladesh and Grameen Bank, which he opened to serve the poor, were jointly awarded the Nobel Peace Prize for their efforts. (*)
The microfinance companies in Zambia are signing their own death warrants. They took advantage of the fact that established banks did not cater for the poor. Most of the established banks in Zambia are now awake to the fact that these loans are very profitable. Once they all get into this business, the greedy microfinance organisations won’t know what hit them. **==
Thieves have names like Mutale, Chanda, Chiluba, Chileshe, Walya etc. And do you know where they come from? A new car for you for the correct answer.
And those being swindled have names like Loyce Tembo, Phiri, Banda Sakala etc.
%-(**== abig hug mwebena Zed
Koswe, the names point to one region. But my question is can these people honestly even go to the extent of seeking the republican Presidency? Guide me. this Mutale, is simply a thief. I know there are people like faustin kabwe, xavier chungu, Kaunda, katele the is list is endless. open your eyes Zambians.
Ba Bemba Che!!