The Zambia National Marketeers Credit Association (ZANAMACA) and Natsave Bank have signed a Memorandum of Understanding (MoU) for the provision of group loan financial package and education to small and medium-scale farmers and entrepreneurs.
Speaking at the signing ceremony in Lusaka, Tuesday, ZANAMACA president, Mupila Kameya, said the theme for the partnership was premised on economic empowerment to the Zambian marketeers for wealth, job creation, better and improved Zambia.
He said the partnership further entailed that Natsave would provide capitalisation to its members with very low interest rates and capacity-building in terms of financial literacy, while ZANAMACA would monitor and evaluate the programmes to gauge progress and compliance.
“This signifies ZANAMACA’s ideology on which it was formed to support marketeers, small-scale farmers and traders in the provision of social and economic empowerment services, increase financial and social inclusion to the informal sector in Zambia and that of Natsave’s mandate to provide tailor-made financial services. This will ultimately increase trading opportunities for all marketeers, small-scale farmers and traders in the country. Our role as ZANAMACA under this MoU shall be to mobilise and raise awareness and coordination of the “Group Loan Finance Scheme activities.” This will eventually provide more benefits to the marketeers, small and medium-scale farmers and emerging entrepreneurs. Our members will be sensitized on the importance of opening savings accounts with Natsave and creating savings clusters among ZANAMACA members to create value-chain activities,” Kameya said.
“Further, ZANAMACA will carry out selection and give recommendations of which marketeers and small-scale farmers from its membership shall qualify for loans, besides obtaining market intelligence and market facilitation and linkages. Whereas Natsave shall provide capitalization to our members with very low interest rates and capacity-building in terms of financial literacy; ZANAMACA will monitor and evaluate the programmes to gauge the progress, compliance and impact.”
And Natsave chief executive officer, Mukwandi Chibesakunda, said the MoU sets a framework for a working relationship between the two organizations.
“This MoU sets the framework for a working relationship between the two organizations. Recipient individual members, as well as ZANAMACA corporate members, will be determined on a case-by-case basis dependent on organizational efficiency, specific case justification and repayment capacity. Individual members and corporate members i.e. registered companies and organizations that are eligible to be considered under this agreement are those that are registered by ZANAMACA. This partnership shall improve the livelihoods of our people operating in markets. Their economic status will change through this empowerment programme,” said Chibesakunda.