• The Commission had embarked on a vigorous loan recovery campaign from July 2022 when the loan recovery rate was at 27 percent.
• As at the end of last year, the loan recovery rate was at 55 percent. It wasn’t to the Commission’s satisfaction.
• The Commission remains committed to an improved loan recovery rate.

Citizens Economic Empowerment Commission (CEEC) has disclosed that it attained 55% loan recovery rate by the close of 2022 against the 80 percent target.

Speaking in an interview with Money FM News, Commission Public Relations & Communications Manager Michelo Mukata said the 55% loan recovery rate was not to CEEC’s satisfaction, but the institution is determined to still reach the target it has set.

Mr. Mukata stated that increased staffing levels, constant project monitoring and evaluation, as well as improved de-risking measures give the Commission the confidence of improving the loan repayment rate.

“The Commission had embarked on a vigorous loan recovery campaign from July 2022 when the loan recovery rate was at 27 percent and as at the end of last year, the loan recovery rate was at 55 percent. It wasn’t to our satisfaction, but we are determined to still reach the target we set for ourselves,” Mr. Mukata stated.

He added that the Commission remains committed to an improved loan recovery rate and this will be the trend throughout the course of this year.

“We are doing this strengthened loan recovery mechanism such as increased staffing levels, constant project monitoring as well as the provision of business development services to clients for the purposes of creating sustainable businesses.”

“In addition to that, other de-risking measures which the Commission has put in place to ensure that we do have a commitment towards loan recovery.
Provision of business development service through project monitoring and evaluation has been enhanced and we would like to see this continue throughout the year. Provision of General Insurance Cover & improved de-risking measures give us the confidence of improving the rate of loan repayment,” he added.