The funds are a revolving initiative that started at K70,000 in 2017.
Kitwe District Commissioner Binwell Mpundu, who witnessed the growth of the fund, last week organised a fundraising dinner to help the many women in need with start-up capital.
Speaking when he presented the funds, Mpundu said more than 500 women will benefit starting next week to allow them to invest in various business activities once other well-wishers fulfill their pledges.
He urged the women to pay back within the agreed period to ensure more benefit from the initiative to grow their business.
“The Village banking initiative is proving to be the most effective way of addressing poverty especially among women who are usually marginalised. We are proud to be the most successful district regarding the prudent management of the village banking programme and I wish to thank all those that came to support the initiative (fundraising dinner) to raise more money for the Fund,” said Mpundu.
All beneficiaries will be expected to start paying K48 every week for a period of six months as repayment of their loans.
Meanwhile, some beneficiaries are happy with the initiative that is aimed at helping them with start up capital for their business activities.
They have since pledged to put the money to good use and ensure another cycle benefits from the funds.