By Evans Liyali
Byta FM has learnt that some CDF loan beneficiaries in Mazabuka Central are not paying back to the bank.
This became known during the Lusumpuko Mucisi Programme on Byta FM Friday afternoon.
Mazabuka Central Constituency Development Fund (CDF) Committee has since warned defaulting companies of prosecution.
Committee member, Christopher Liwoyo disclosed that some companies have not made any re-payments.
He noted that only few beneficiaries back their loans for 2022 and 2023 CDF.
Liwoyo said his Committee has already started summoning loan beneficiaries and is considering repossessing properties.
Close to 50 companies under Mazabuka Central Constituency got loans from the CDF.
For more details, tune in to Byta FM 90.3/100.3/101.9
It was naive to introduce loans to uncreditworth companies in the first place. The culture of loan repayment in Zambia is still very weak. There will be many defaulters in the end so Govt should have considered this in the first place.
Zambians even educated ones trade on cash basis so the introduction of loans to our people is a non starter. Perhaps people will only learn when repossessions start.