August 2023 – Lusaka, Zambia – In a significant step towards fostering economic empowerment and inclusivity, the Citizens Economic Empowerment Commission (CEEC) launched the disbursement of Marketer Booster Loans to relocated street vendors in Lusaka. The event, which was graced by esteemed dignitaries including the Honourable Minister of Small and Medium Enterprise Development, Engineer Elias Mubanga, marked a momentous occasion in the drive to uplift local entrepreneurs.
Mr. Jason Kazilimani, representing the Board, Management, and Staff of CEEC, expressed his gratitude for the support of the Zambian government in creating an environment conducive to economic growth and empowerment. Kazilimani highlighted the commendable achievements of CEEC over the past two years, emphasizing the transformative impact of their initiatives.
Among the groundbreaking loan products introduced by CEEC, the Marketer Booster Loan and the Busulu Loan have taken center stage. These loans cater to micro-traders, startups, and small and medium-sized enterprises (SMEs), offering affordable and accessible financing options. Since November 2022, over 72,000 marketeers have received disbursements totaling nearly 156 million Kwacha. Furthermore, the Busulu Loan has supported 6,421 applicants with funds exceeding 59 million Kwacha since April this year.
Kazilimani underscored the significance of these initiatives in creating jobs and fostering economic growth, resulting in the creation of 135,000 direct and indirect employment opportunities across various sectors. These achievements, he noted, not only transform lives but also contribute to Zambia’s socio-economic development.
The event also showcased CEEC’s impressive loan recovery rate, which has risen from 27% in June 2022 to an impressive 66% at present. This upward trajectory reflects the institution’s commitment to responsible financial management and prudent lending practices. The improved loan recovery rate solidifies CEEC’s mission of promoting self-reliance and economic prosperity among Zambian citizens and businesses.
Mr. Kazilimani’s speech emphasized CEEC’s dedication to inclusion and empowerment. The institution is actively working to integrate relocated street vendors into the economic fold, providing them with access to financing that was traditionally unavailable due to stringent requirements. CEEC’s partnership with these entrepreneurs aims to fuel the growth of a dynamic urban economy.
In his closing remarks, Mr. Kazilimani expressed gratitude to the Ministry of Small and Medium Enterprise Development for their unwavering support and guidance. He acknowledged the tireless efforts of the CEEC team, whose dedication has played a pivotal role in realizing the organization’s vision. Kazilimani urged everyone to remain committed to the principles of economic empowerment, responsibility, and sustainability, promising a brighter and more prosperous future for all Zambian citizens.
The event showcased the strides made in fostering economic empowerment and inclusivity, positioning CEEC as a driving force behind Zambia’s sustainable economic growth.