PSPF launches Micro Finance Scheme

Zambian Civil Servants during a match past

Zambian Civil Servants during a match past

The Public Service Pensions Fund [PSPF] in Zambia has launched the Micro Finance Scheme that will enable civil servants in the country to access cheaper loans.

Speaking at the Launch of the scheme in Lusaka the Capital of Zambia today January 25, 2013, PSPF Board Chairman Moses Banda said PSPF had decided to come up with the Micro Finance Scheme following the wide exploitation of its members by the Micro Finance institutions in the country.

Banda said PSPF Loans would only attract a 2 per cent interest which would be affordable to the civil servant unlike the high interest rate loans which they had been getting form Micro Finance Institutions

He explained that the launch was preceded by a pilot project which lasted for six months were over 4500 civil servants had so far benefited.

Banda said the project was however only in the provincial centers but would soon be rolled out to all districts around the country soon.

He said with such a low interest rate civil servants would be able to save for other projects that they would want to undertake.