Staff Reporter
Civil Servants who applied for the low interest loans from the Government Employees Mutual Savings Fund (GEMS Fund), a facility set up by Government to enhance their welfare and conditions of service, have started receiving their loans.
For transparency’s sake, the Salary Service Bureau (SSB) through responsible authorities yesterday released a list of members whose GEMS loans applications were rejected because applicants submitted loan accounts different from their salary accounts or had insufficient net salary among other reasons.
Those with rejected applications were advised by their authorities to urgently rectify the issue so that their loans will be worked out in time.
Civil Servants who spoke to this publication applauded the GEMS loan facility, saying it will go a long way in transforming their lives through funding income generating projects of their choice.
“I am really excited and relieved that finally my dream will come true. It has been my wish to start a piggery project, unfortunately I lacked capital. This loan will go a long way in financing the whole project. With my monthly salary it was difficult to start the project as it is not enough,” said Mr Farai Muzekwa, a Teacher from Goromonzi.
“I am going to use my loan to re-stock my tuck shop. I was slowly running out of stock due to hardships. I am grateful for this low interest loan scheme which shows that our Government is prioritising our pleas,” said Mr Kidmore Muzekwa, a teacher from Mutoko.
Mrs Rosemary Chizu another civil servant said she will use the loan to purchase commercial sewing machines and start a business.
“I will not miss such an opportunity. I want to purchase two commercial sewing machines and start my business at home. There is high demand of school uniforms locally, so I intend to utilise this chance. Through my business, I will be able to raise money for my three children’s school fees and other daily needs,” she said.
The Government approved the establishment of the Civil Service Mutual Savings Fund and injected $100 million as seed capital. The Fund is being augmented by a deduction of 2.5 percent from the total pay of interested Civil Servants.
The Fund allows Civil Servants and members of the defence forces to access loans at interest rates of between two and seven percent, much lower than the 60 % charged by commercial lenders.
