MASLOC improves loan recovery

The Microfinance and Small Loans Centre (MASLOC) has improved its loan recovery following the introduction of a financial literacy programme about six months ago.

From an average recovery rate of 67.7 per cent before the programme, the figure has jumped to 85 per cent.

The financial literacy programme is a nationwide sensitisation programme that seeks to ensure that beneficiaries of MASLOC’s small loans make prudent use of the funds released to them to enable them to repay on time.

According to MASLOC, often beneficiaries of its credit scheme squandered the money as they claimed itwas ‘government money’.

Speaking to the Daily Graphic after a sensitisation programme at Ajumako in the Central Region, the Chief Executive Officer (CEO) of MASLOC, Mrs Sedina Tamakloe Attionu, said the credit shceme was aimed at improving the lives of the people, especially women.

Paying up

The CEO said it was when beneficiaries paid up the loans that the centre could expand its services to more people.

“Quite often beneficiaries do not even know the difference between their capital and profit and they end up spending the money, leaving nothing for repayment,” she said.

Consequently, the centre had decided to educate beneficiaries on record-keeping and prudent management of the funds.

The CEO said so far the financial literacy programme had been taken to the Northern, Upper East, Western and Central regions.

Disbursement

In a related development, MASLOC has disbursed GH¢38,000 to three women groups at Winneba in the Central Region to empower them to stand on their feet in their businesses.

The disbursement made to the traders coincided with the celebration of this year's International Women's Day.

Addressing the women, Mrs Attionu pointed out that women ought to be supported to improve on their standards of living.

She warned that MASLOC loans were not for free and, therefore, the women should ensure that they paid back on time for others to also benefit.

According to Mrs Attionu, the government was working hard to support MASLOC so that more women would be assisted.