The Higher Education Loans and Scholarships Board (HELSB) has commenced recovery of loans from beneficiaries employed in the private sector, collecting over K1.4 million by the end of August, 2019.
And the Board has traced over 11,876 loan beneficiaries employed by various institutions through the National Pensions Scheme Authority (NAPSA) system.
In a statement, Thursday, board acting communications officer Chiselwa Kawanda noted that the Board had recovered over K1 million as at the end of last month from some private sector institutions.
“The Board has since recovered K1,488,846.39 as at August 31, 2019, from beneficiaries employed by Mopani Copper Mines, Copperbelt University, University of Zambia, Zambia National Commercial Bank, United Bank of Africa, Zambia Revenue Authority and the Teaching Service Commission. This means that the recoveries from beneficiaries, who are employed in the private sector, has commenced,” the statement read.
And the institution had further recovered over K32 million from beneficiaries through the government payroll system
“The Board has so far recovered K32,043,342.03 from beneficiaries through the government payroll system. Some beneficiaries are no longer on the government payroll due to various reasons, which include death, resignations and dismissals. This has resulted in a slight reduction on the amount being recovered through the government payroll,” read the statement.
“In addition, the Board has recovered a total of K287,821.37 from beneficiaries, who have opted to make one-off payments in to the Revolving Fund Account. Over 20,000 disbursed loans have matured and are due for recovery.”