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HomeCourt NewsTHREE DRAG VILLAGE BANKING GROUP TO COURT OVER K400, 000

THREE DRAG VILLAGE BANKING GROUP TO COURT OVER K400, 000

By GRACE CHAILE

THREE members of a Village Banking Group called the Victorious Women have sued the administrators of the microcredit grouping demanding payments of over K400, 000.

Chama Chisunka, Yvette Phiri and Jacques Chanda have sued Mary Munanyimbo, Claudette Mulumba, Mumba Musanda and Kapembwa Kangwa, seeking an order of the Lusaka High Court for the defendants to pay them K476, 564.41 with interest.

The trio want an interim injunction restraining Munanyimbo, Mulumba, Musanda and Kangwa, either by themselves, their agents or employees or servants or whomsoever deriving authority from them from making any withdrawals from account no 5824293100162 held at Zambia National Commercial Bank (ZANACO) Northmead Branch.

In addition, the plaintiffs are demanding that the four defendants   should not perform any transaction affecting the said account, other than making deposits into the account until an order of the court.

In a statement of claim, Ms Chisunka and two others stated that Munanyimbo served as chairperson of the Victorious Women Group while   Mulumba and Musanda held positions of signatory and secretary. 

She said Kangwa, the fourth defendant in the matter, was the treasurer of the Village Banking Group.

She said that the group was created in December 2021, and they joined in January 2022.

Ms Chisunka stated that Munanyimbo and the other three were appointed by the members to manage the group’s contributions and savings under the Victorious Women Group constitution.

 The four then jointly and in their names opened a bank account with ZANACO to house funds contributed and saved by the members.

Ms Chisunka stated that each member was required to make a minimum contribution of K1, 000 and were at liberty to reinvest part or all of their share out from monies in the previous cycle at the start of every new cycle.

She claimed that in line with the group constitution, a member who obtained a loan, was charged at 10 percent of the loan amount until full redemption or settlement.

She said the contribution or savings were made and attracted 10 percent interest of the invested funds.

Ms Chisunka stated that she saved and invested K197, 954. 32 and was due for payment on November 17, 2022, at share out day.

She stated that she had obtained a loan of K49, 061.91, which brought the due balance to K148, 892.41.

 Ms Chisunka stated that Ms Phiri obtained a loan from the group and the current balance was K16, 719.02 that brought the due balance to K110, 546. 00

And that Ms Chanda saved and invested in the village banking K140, 000.00 and accrued interest of K97, 126.00.

Ms Chisunka stated that Ms Chanda’s total amount due, less K20, 000.00 loan was K217,126.00.

“The plaintiffs will further aver that all the monies contributed or saved were paid to and managed by the defendants, and on November 17, 2022, share out was scheduled to take place but without success,” she stated. 

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