Monday, 5 July 2010

Saccos fail to repay ‘JK billions’ loans

From The Citizen Daily, Dar es Salaam
By Jane Kajoki, Mwanza

Savings and Credit Cooperative Societies (Saccos) in Mwanza are yet to repay a total of Sh200-million loan, issued by the government through its citizens’ economic empowerment initiative, it has been learnt.

The loans, popularly known as ‘JK billions’, saw in its second phase, 12 Mwanza-based Saccos in Misungwi and Kwimba districts receiving a total of Sh227 million, but until yesterday, only Sh15 million has been repaid.

The loans, which were disbursed in September last year as part of the initiative during the 2009/2010 financial year, were supposed to have been re-paid within six months.

Speaking to journalists in Mwanza yesterday, the Savings and Credit Co-operatives Union League (Sccult) manager for Mwanza Region, Mr Mathias Malagu, said attributed the difficulties in repaying the loans to mind set of and poor understandings by the people.

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