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Saturday, November 19, 2022

President Hichilema launches K171.5 million marketers’ loan

Economy President Hichilema launches K171.5 million marketers' loan

President Hakainde Hichilema has launched the K171.5 million worth Citizens Economic Empowerment Commission (CEEC) booster loans for marketers countrywide.

The loan facility enables marketers to acquire credits from between K500 and K5,000 that are payable in six months at no interest.

Speaking during the launch at State House this afternoon, President Hichilema said the booster loans are another way of creating a revolving fund for the marketers.

Mr Hichilema said the loans are a demonstration of government’s enduring commitment to serve the Zambian people by creating tangible opportunities for economic empowerment.

The President said marketers have been neglected for a long time despite being instrumental in Zambia’s economy.

“We ignored for many years those that made the trade possible between the producers, farmers and other manufacturers through the market. Through those people we were able to feed our families every single day,” President Hichilema said.

President Hichilema also called for enhanced financial literacy to enable the recipients to be well vest in financial matters.

He said the loans will address the challenge of lack of financing for people in the informal sector such as the marketers.

The Head of State has since advised the recipients of the loans not to consume the money but instead use it to grow their businesses.

“But the important issue is now that this facility will allow the marketers not to extract payments such as school fees, costs such as examination fees, they can retain that money in their business as working capital and grow,” Mr Hichilema said.

Speaking at the same event, Citizens Economic Empowerment Commission (CEEC) Director General, Muwa Mungule, described the loan facility as a game changer.

Dr Mungule thanked government for entrusting CEEC with the task of handling such a programme that will improve the lives of the marketers.

And Zambia National Marketers Credit Association (ZANAMACA) President Mupila Kameya commended government for looking into the plight of marketeers.

Meanwhile, Zambia National Marketeers Association Chairman General, Eros Malinda, said the loan facility will go a long way towards improving the lives of marketers.

22 COMMENTS

  1. Six months is too short, you can’t breath. As soon as the money clears in the business account, payments towards the loan start going out immediately . Muli one year atleast vi nga pange sense.

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  2. These schemes are no different to PF’s wasteful lending policies still using the same organisation the CEEC with a high default record as they just hand out money to cadres of the day and there is nothing revolving about it when there is no interest to pay or additional fees infact over time the funds are depleted by defaulters. You want to assist marketeers introduce basic finance classes or workshops for them….make it affordable for them to have mobile contactless payment handsets from banks not these outdated campaigning schemes.

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  3. It’s a good idea because most marketeers have been lacking working capital for them to conduct business profitably.Its better than being thrown k50 only during wlectión campaigns and only a few knew about cdf during of reign.When well managed,k500 is enough for fritters,vegetable etc business and can grow.The concept is welcome.Hats off to the new dawn govt to come to our friends and families aid.This shot in the arm will go a long way.

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    • So what is the collateral for someone selling fritters? This is a cycle some of us have seen over the years of wasting taxpayers money when a new govt comes in …at one time BUFFOON CK was issuing out cheques when he was minister…how many repayed?? Trust me its politically risky to chase after monies from 100 defaulting marketeers plus there are NGOs who govt can work with specialised in micro lending if they wanted but want to appease cadres.

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  4. “……….those that made the trade possible between the producers, farmers and other manufacturers through the market. Through those people we were able to feed our families every single day,”

    President Hichilema

    Froward……..2031.

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  5. Good idea,but please only lend to those in established market places not street venders and those that have left markets to litter our nice towns and cities

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  6. on this one since its the boss specking its to watch you can be cited for deformation and receive a polite call out from a place you have never heard of before.

  7. And you ka Patriotic UK Branch: Stinky black refugee in England cleaning toilets there. You are threatning Tarino of Suing, which sue? and for what? and where? Or you are just yapping thinking Tarino is a small boy? Now listen here “You stupid PF cadre” PF smells , and it stinks. Together with you infact. Now go and sue

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