Public Service Micro Finance Company (PSMFC), a wholly Government owned enterprise, has finally extended the financing of duty free motor vehicles to parastatals and Zambian missions abroad.

The company was mandated by Government to finance personal to holder vehicles for public service employees including those in parastatals after Government stopped buying personal to holder vehicles as a cost saving measure.

“The scheme has further been extended to quasi -government institutions that will sign a Memorandum of Understanding (MoU) with our company,” Public Service Micro Finance Company Chief Executive Officer Mubanga Mwiko said.

He was speaking when he made a presentation to the diplomatic staff at the Zambian Mission in New Delhi, India.

“Our company pays the supplier of the vehicle in full at a go and remains running deductions for five years from a public service employee,” Mr. Mwiko said.

He said the vehicle loan scheme was attractive as public service employees did not need collateral to access the loans as long as they received a salary and were able to produce a payslip.

“Our company is trying as much as possible to reachout to civil servants in rural areas through signing MoUs with brand new motor vehicle dealers,” Mr. Mwiko said.

The Chief Executive Officer said the vehicles would be handed over to beneficiaries with full insurance cover for five years.

“Public Service Micro Finance Company has readily available finance which has been grown from the 170 Million Kwacha seed money from Government 500 Million Kwacha,” he said.

Mr. Mwiko said those on contract were given the loans to be recovered within the contract period.

“The scheme is user friendly because Public Service Micro Finance Company does not touch estate in case of the demise of a beneficiary as the money is recovered from the insurance,” he said.

And Zambia’s High Commissioner to India Judith Kapijimpanga praised Government for introducing duty free vehicles.

“I wish to urge my fellow public service employees especially diplomats to consider supporting Government efforts through the well-intended loan scheme,” Mrs. Kapijimpanga said.

This was contained in a statement made available by First Secretary Press and Tourism at the Zambian Mission in New Delhi, India, Bangwe Naviley.