HomeNewsCross-border loan facility registers low uptake

Cross-border loan facility registers low uptake

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Zimbabwe Cross-Border Traders Association (ZCBTA) is going around the country marketing the $15 million credit facility which was availed by the central bank in March, amid low uptake of the loan facility.

by staff reporter

The Reserve Bank of Zimbabwe established the credit facility – which is facilitated by Homelink and Agribank — for members of the ZCBTA led by Killer Zivhu.

Zivhu, however, said the uptake was not as anticipated, hence, the move to spread the message about the availability of the facility to traders around the country.

He revealed this to journalists after addressing hundreds of traders in Victoria Falls at Chinotimba Hall.

“The $15 million facility was unveiled about six months ago, the only problem was that there were low takers or maybe we are saying that people did not have much knowledge about it, but now people are realising how good the facility is and are coming on board,” he said.

“We had a low rate of takers, but over $4 million has been taken and there is still more than can be taken. $15 million is not the maximum cap for this facility. More can be provided.

“As usual, this facility is meant for every Zimbabwean, not people in the big cities. Most people always think this facility is meant for people who are in Harare and other major cities, but we are taking it to all parts of the country, that is the reason why we came to Victoria Falls.”

Zivhu added that their target was to cover the whole country, even in the rural areas.

“A number in rural areas have no access to cheap funding, so we are taking it straight into those areas where we need every Zimbabwean to benefit from it.”

He said everyone qualified for the mortgage regardless of the standard of living and pocket size.

“The association has more than four million members, but most of them are not coming,” Zivhu said.

“The loan takes one percent interest rate and pay back of the money depends with the needs of the individual.”

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