Lukulu District Community Development Officer Lubinda Liywalii has bemoaned that village banking has not performed well in the district since it was introduced in 2014.
ZANIS reports that Mr. Liywalii in an interview today attributed this to guidelines not being properly followed and beneficiaries started defaulting from the beginning.
He said that some of the guidelines were not followed as some of the beneficiaries never went through the required two weeks training adding that recruitment was not done by the department.
Mr. Liywalii disclosed that out of K110, 000 only K10, 000 was recovered.
He added that the department has never received any recapitalization funds for the project.
He pointed out that with fresh capital injection,, the program will do very well as the office has learnt and improved on how best to implement project.
Mr. Liywalii further said that at the moment they can only borrow to five people at once and wait for six months for the loan to be paid back.