By Alick Junior Sichali
Higher education student loans and grants board has recovered 500 million Kwacha from the money it borrowed students in different universities since 2016.
Executive Director of loans board, Chris Chisoni, disclosed this in an interview saying the process of recovering the money is progressing well.
Chisoni said the money they have collected is from 1.2 billion Kwacha they rented to some students in different universities.
According to Chisoni despite they are facing challenges in re-collecting the money they rented, they are happy with how the process is progressing.
“From 2016 to August 31st this year we have collected half billion Kwacha from the money we borrowed students in different universities. We are happy with how the process is progressing despite facing challenges which we are working on to address,” Chisoni said.
On the challenges the board is facing, Chisoni said they have employed different strategies on how to address them so that the process should be moving smoothly.
He said as one way of enforcing people to pay the loans the board is working together with Parliamentary committee on laws to put a legal framework which will help protect the money which is being borrowed.
“One of the challenges we are facing is the delay of some people to pay the money they borrowed, this to be honest has been a big issue to us. But as of now we have put up in place different strategies to resolve the challenge,” He explained.
The higher education student loans and grants board is on Monday expected to host a conference of the Association of African Higher Education Financing Agencies (AAHEFA) for the first time in the history of Malawi.
The board says the conference will on another hand help them learned what other institutions in countries participating the meeting have been doing to resolve challenges they have been facing.
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