MASLOC to go high-tech
The Chief Executive Officer (CEO) of the Microfinance and Small Loans Centre (MASLOC), Mr. Stephen Amoah, has hinted about the intention of the government to automate the platforms of MASLOC to ease and reduce complexities for the clients.
According to him, the innovation, which has reached the final stage, would be powered by what he called GH Card. This card, the MASLOC boss noted, can be used to transact business in all the banks in the country by MASLOC clients.
Addressing a function at Krofrom, a suburb of Kumasi, where MASLOC has set up a zonal office, Stephen Amoah, who is affectionately called ‘Sticker’ amongst his admirers, indicated that the zonal office seeks to curb congestion in the Ashanti Regional MASLOC office.
He revealed that another office would be set up in Kumasi to decentralise the services of MASLOC to people in the Ashanti Region. However, he expressed worry about the posture of some of the beneficiaries who had taken loans from them.
He appealed to such beneficiaries to pay back the loans for others to also enjoy. “Be honest to the President, and yourself, by paying the money you have been given by MASLOC,” he said.
The MASLOC authority noted that 90% of businesses in Ghana are small scale and medium enterprises, so former President Kufuor and his cabinet established MASLOC to help traders, taxi drivers, and farmers, amongst others, to run effective businesses.
“Don’t say you belong to CPP, NDC, or NPP and that you are the son or daughter of a party chairman, so we should make the loan free for you. We want to build a sustainable society and community, and make sure Ghana can be compared to any country in the world,” he said, adding, “If you think you are a member of the NPP and, therefore, will not present a guarantor to acquire for a loan, then you won’t get it.”
According to Mr. Amoah, President Nana Addo Dankwa Akufo-Addo seeks to restructure MASLOC and wants 50% of Ghanaian women to have access to the funds.
He continued that before the New Patriotic Party (NPP) took over the reins of government from the National Democratic Congress (NDC), the interest rate of MASLOC was 44%, but President Akufo-Addo has reduced it to 12%, adding that one can apply for GH¢20,000 without collateral, but there are regulations attached to it, and GH¢200,000 funds collateral.
On his side, the outgoing Member of Parliament for Manhyia South, Mr. Collins Owusu Amankwa, told the audience that the funds of MASLOC were revolving, which must be paid when it is given to anyone as a loan. He urged traders to desist from using funds they have acquired from MASLOC for activities that do not help the growth of their businesses.