Public Service Micro-Finance has potential to generate forex
Written by Millennium on June 25, 2019
SUN REPORTER writes
@SunZambian
ZAMBIA’S outgoing High Commissioner to the United Kingdom Mr. Muyeba Chikonde has applauded government and in particular the Ministry of Foreign Affairs for extending the Public Service Micro-Finance (PSMF) services to Diplomats serving in various Zambian Missions.
Mr Chikonde said PSMF had the potential to grow its asset portfolio abroad by acquiring housing for diplomatic rental and mop up the foreign exchange used by missions for diplomat’s accommodation.
He said civil servants serving abroad should take advantage of the Public Service Micro-Finance Company (PSMFC) to acquire affordable loans in order to economically empower themselves and invest in viable projects back home.
He further urged the Zambian diplomats to embrace the newly formed Public Service Saving and Credit Cooperative (PS-SACCO) in order to prepare for their future beyond diplomatic service.
“Government and PSMFC should be commended for this initiative because it will economically empower civil servants who are serving both home and abroad.
“The innovation that comes with this scheme with regards to product variety is remarkable and only goes to accentuate government’s commitment to maintaining a public service that is motivated, innovative, patriotic and delivering beyond expectation; without leaving anyone behind”. he said.
Meanwhile, during a presentation to London Mission Diplomatic staff, PSMFC Chief Executive Officer Mr. Mubanga Mwiko said Diplomats were also civil servants therefore they should not be left behind the PSMFC scheme and thus the reason by PSMFC to roll out the scheme abroad commencing with the London Mission.
And Mr. Mwiko said PSMFC was solely owned by the Zambian Government and was mandated to provide affordable loans and other innovative financial solutions to public service workers including Zambian diplomats serving in different parts of the World.
He explained that the reason Government established the company was to address the challenges civil servants faced in accessing finances from the conventional banking sector and Micro Finance institutions that normally charge high interest rates.
Meanwhile, Mr. Mwiko has urged diplomats to buy shares in PS-SACCO. He said the shares in the SACCO remain beneficial even after retirement and in case of a demise of a shareholder, the shares can be transferred to the next of keen.
