THE Citizens Economic Empowerment Commission (CEEC) has signed a Memorandum of Understanding (MoU) with six financial institutions to facilitate disbursement of funds and collection of debts for the current loan portfolio on its behalf.
The financial institutions which entered into an agreement with the CEEC include Finance Bank, National Savings and Credit Bank (Natsave), Micro Bankers Trust, Graypages, Cavmont Bank and Investrust Bank.
“We feel the financial institutions engaged, have the capacity to disburse and collect debt on our behalf. These institutions will focus on the 2013 loan portfolio and we have also engaged the debt collectors in all provinces to collect the debt on behalf of the commission for the old loan portfolio,” Ms Masebe said.
Meanwhile, CEEC has finally undertaken to simplify its application process to make it more user friendly so that it can also support Government’s development agenda on rural industrialisation and job creation.
Ms Masebe said the revised application process will capture more details.
“We have revised the process in order to capture more data and simplify it further and we also want to know how many women and physically challenged persons have applied for the empowerment fund,” Ms Masebe said.
This will also make it easy for people in the rural areas to apply without experiencing any impediments.
Ms Masebe also said that the latest CEEC third quarter report ending September 30, 2013, has shown that, a total of K8, 074,003.85 was recovered, significantly out-performing the quarterly target of K4,800,000 by 68 per cent.
The total collections for the nine months ended September 30, 2013 amounted to K16, 399,334.98, exceeding the performance benchmark of K14,400,000.00 by 14 per cent.