The Government has, through the Public Service Micro-Finance-Company, disbursed loans totaling K101.9 Million at 5% interest rate to 5, 048 Public Service Workers spread in 83 districts, and 44 Ministries and Other Spending Agencies across the 10 Provinces of Zambia.
From the disbursements made up to end of October, 2014, the PSMFC recovered K21.6 Million in loan repayments. This is an important step for long term sustainability of the scheme. The available funds for the public service loan scheme in 2014 is K107 Million of which K100 Million is the budget provision for 2014 and K7 Million are carry-over funds from 2013.
Meanwhile, during the period under review, the Board of the PSMFC approved the Business Strategic Plan for the company for the period 2014 to 2016.
The Strategic Plan is targeted at developing public service friendly products and customer service innovations. The plan will also target the development of systems and procedures which will ensure that there is efficiency, effectiveness and monitoring in the loan empowerment process, for the benefit of public service workers.
The PSMFC began the loan disbursement scheme for Public Service Workers, in September, 2013.