• The Commission has been able to make some wins regarding the loan recovery rate.
• As it stands right now the recovery rate is 70 percent, it’s just shy of 85 percent target for 2023.
• CEEC will not call for fresh loan applications this year but will consider the 2021 and 2022 applications.

Citizens Economic Empowerment Commission (CEEC) says its loan recovery rate currently stands at 70 percent against the targeted 85 percent for 2023.
Speaking in an interview with Money FM News, Commission Public Relations and Communications Manager Michelo Mukata pledged the institution’s commitment to recover all the loans that have been disbursed.
Mr. Mukata called on all beneficiaries of the CEEC loans to ensure that they commit to repayment so that others can also benefit from the affordable empowerment programmes.
“In terms of recoveries, the Commission has been able to make some wins regarding the loan recovery rate. As it stands right now its 70 percent, it’s just shy of our target of 85 percent for 2023 and we are determined to ensuring that we recover what we have disbursed and at this point, the call is for everybody that has received financing from CEEC to ensure that they commit to repayment so that other people can in turn also benefit from these affordable empowerment programmes.
“That is the drive in 2024, CEEC is committed to enhancing these recovery mechanisms, already we have beefed up human resource, we have already created avenues away from the traditional banking that will ensure that significant repayments are made and this is via mobile money platforms that has been a big win for us,” Mr. Mukata stated.
Meanwhile, Mr. Mukata revealed that the Commission will not call for fresh loan applications this year but will consider the 2021 and 2022 applications to ensure that no one feels disadvantaged.
“2024 projection on CEEC’s end in addition to what we have been able to do is that we are not going to call for fresh applications, we are going to call applicants from the 2021 or 2022 calls that we have made to ensure that they do not feel disadvantaged.”
“We still haven’t addressed those applications that we received in 2022 and 2023. We are going to tap into that pool of applications that we received to ensure that they also have access to financing that CEEC provide,” he said.
In 2023, the Commission disbursed a total of 82, 068 business loans valued at over K840 million.