Medef recovers K1bn out of K6bn
The Malawi Enterprise Development Fund (Medef) says it has recovered K1 billion out of the K6 billion it is owed.
Medef, which is a merger between Malawi Rural Enterprise Development Fund (Mardef) and Youth Enterprise Development Fund (Yedef), has thousands of clients in its books who obtained loans, but have not repaid.
Speaking in an interview in Lilongwe on Wednesday, Medef chief operations officer Dingiswayo Jere said as part of the organisation’s reforms, they have partnered the Malawi Posts Corporation [MPC] in a move which will see their clients obtain and repay their loans at post offices nationwide.
“With this system, we will take out issues of fraud because we have suffered as an organisation and some of our staff have lost jobs for failing to account for the money,” he said.
Postmaster general Andrew Kumbatira could not be reached for comment, but Minister of Information and Communications Technology Malison Ndau yesterday said the move is aimed at simplifying how people obtain and repay loans from Medef.
He said this is part of government’s reforms agenda to bring services closer to people. n
