{"id":61973,"date":"2024-07-19T11:59:35","date_gmt":"2024-07-19T11:59:35","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans"},"modified":"2024-07-19T20:39:19","modified_gmt":"2024-07-19T20:39:19","slug":"michael-usi-queries-collateral-requirement-on-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans","title":{"rendered":"Michael Usi queries collateral requirement on loans"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Malawi. <\/strong><\/span>Vice-President Michael Usi Thursday disclosed that the government will consider removing a condition that demands beneficiaries of the National Economic Empowerment Fund (Neef) to have collateral before obtaining the public-funded loans.<\/p>\n<p>Speaking during a visit to several markets in Blantyre, Usi said the requirement adversely affects already impoverished Malawians.<\/p>\n<p>\u201cI was discussing with [President Lazarus Chakwera] that this collateral requirement does not make sense.<\/p>\n<p>\u201cFor people who wish to benefit from this loan, requiring collateral is impractical. Where will they obtain it?\u201d Usi said during his visit to Bangwe Market.<\/p>\n<p>Last year, Neef announced the introduction of collateral insurance cover, requiring loan applicants to first insure their collateral with a local insurance firm which partnered with the public loan provider.<\/p>\n<p>Previously, among other Neef requirements, applicants needed to cover life insurance costs and pay an average processing fee of 3 to 5 percent of the applied loan, as well as provide collateral.<\/p>\n<p>Under the new arrangement, applicants must have life and collateral insurance to qualify for the loan.<\/p>\n<p>Last year, Neef Chief Executive Officer Humphrey Mdyetseni justified the introduction of collateral insurance, saying the fee is affordable.<\/p>\n<p>Usi first visited small-scale traders at Bangwe before proceeding to Chilomoni and later Chirimba markets.<\/p>\n<p>The Vice President reassured the people that the government would ensure every eligible individual receives the loan to boost their businesses.<\/p>\n<p>Usi further advised Malawians to strive for self-reliance and avoid exploitation by politicians.<\/p>\n<p>\u201cWhen they come with their money, ignore them because some only seek to exploit you for their gain. Work hard and have a purpose in life. We will support your efforts to secure loans,\u201d he said.<\/p>\n<p><strong>For More News And Analysis About Malawi Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Malawi. Vice-President Michael Usi Thursday disclosed that the government will consider removing a condition that demands beneficiaries of the National Economic Empowerment Fund (Neef) to have collateral before obtaining the public-funded loans. Speaking during a visit to several markets in Blantyre, Usi said the requirement adversely affects already impoverished Malawians. \u201cI was discussing [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":61972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234],"class_list":["post-61973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-malawi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Michael Usi queries collateral requirement on loans - Malawi<\/title>\n<meta name=\"description\" content=\"Vice-President Michael Usi Thursday disclosed that the government will consider removing a condition that demands benefi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michael Usi queries collateral requirement on loans\" \/>\n<meta property=\"og:description\" content=\"Vice-President Michael Usi Thursday disclosed that the government will consider removing a condition that demands benefi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-19T11:59:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-19T20:39:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/07\/sm_1721378716.54263.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1476\" \/>\n\t<meta property=\"og:image:height\" content=\"804\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Michael Usi queries collateral requirement on loans\",\"datePublished\":\"2024-07-19T11:59:35+00:00\",\"dateModified\":\"2024-07-19T20:39:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans\"},\"wordCount\":289,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/07\/sm_1721378716.54263.jpg\",\"keywords\":[\"Malawi\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/michael-usi-queries-collateral-requirement-on-loans\",\"name\":\"Michael Usi queries collateral requirement on loans - 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