A visit by ProjectM to some beneficiaries within the categories of National Economic Empowerment Fund Limited (NEEF) at Nayuchi boarder, Traditional Authority (T/A) Nchinguza in Machinga district, has revealed that through their participation in value adding activities, there have been overwhelming evidence of economic progress having taken place to the poor and undeserved Malawians.
The Amai ticheze women Club is one good example of NEEF beneficiary which is making positive strides in the area and has so far gotten a MK3.1 million loan in November 2021 which they paid back well.
Chairperson for the grouping, Jinny Kanjoka aged 57, has described NEEF loans as one of the best yardsticks and an essential driver of economic growth as they provide employment opportunities and contribute to poverty reduction.
Kanjoka told ProjectM that, for example after sharing the MK3.1 million which they obtained from the microfinance institution, each participant received MK300,000.00. Through her business of selling fish, second hand clothes, maize and rice, she has employed about 8 permanent employees saying this has aided her in being able to pay school fees for her form 3 son in secondary school and support her family on her own, to say the list.
“We sought to challenge frequent impressions that our families have been huddling with economic hardships for many years. Today we are no longer the same as we take this opportunity to congratulate and thank NEEF for all the hard work put by assisting us in obtaining loans and as our personal experience illustrates, we have moved away from a condition of life widely perceived as unsatisfactory towards a situation of life regarded as better’’, Kanjoka said.
Meanwhile, Kanjoka says the group has applied for a second loan amounting to MK5 million in order to keep growing in business so that they become people who are doing extraordinary things to change lives and transform minds.
On this she has asked NEEF authorities to speed up the process of disbursement in loans so that they can run successful businesses and eradicate house hold poverty to achieve their momentous goals.
Ironically, another woman from the same group Nguyedye Patero aged 41 tells ProjectM how this loan has benefitted her family financially.
“As I look back from where I am now and see the road I have travelled, I can proudly say that NEEF has really changed my life. Through this loan I have built a house and I am also rearing pigs (30) which after selling them I pay for my two children’s school expenses and many more”, Patero said.
Probably, Roda Nayuma an active member of the group vividly illustrated that after obtaining MK300,000.00 she bought a motor bike meant for business, which cost her almost MK780,000. Through her business she has managed to construct a house adding that life has completely changed for the better.
Nayuma, however said house hold poverty is more painful when a woman is not empowered financially.
She has since challenged fellow women in the area by and large to apply for NEEF loans and join entrepreneurship, saying its policies are more flexible as compared to other loans from different micro-credit facilities for improved livelihoods.
Commenting on the development, NEEF Public relations officer, Desmond Lusinje said in the 2023-2024 financial year, NEEF has planned to disburse about MK32 billion thereby increasing its client base from 138,584 to 190,584 adding that job opportunities will be created from 253,366 to 357,366 respectively.
“Since NEEF started disbursing funds, it has cumulatively disbursed MK9.2 billion in the eastern region and out of the expected collection of MK8.8 billion, the total amount of MK5.8 billion has been collected representing a 66% collection rate.
However, Lusinje says the lending institution has put in place intensified recovery enforcement strategy to ensure that the current recovery rate is pushed up to the agreed collection rate of 80% saying this is why branch recovery teams are all over the country including eastern region to help improve the situation.
He has therefore, implored on Malawians to recognize NEEF as a microfinance institution and repay loans in the nick of time for sustainability of the fund.
Amai ticheze women’s club which has a total number of 10 registered members was established in 2020 and has accumulated various assets such as motor bikes, livestock’s, plots, fishing nets and many more.
