The MicroFinance And Small Loans Center (MASLOC) has stated that plans are underway to disburse some funds to members of the Association of Small-Scaled Industries (ASSIs).
According to Abibata Shanni Mahama, Chief Executive Officer (CEO) of MASLOC, it will be executing its plan of supporting ASSIs, whose growth will in turn impact change within every constituency in the country.
“This year, we are going by our plan. Disbursement is an ongoing process. So we will continue with the disbursement and our recoveries…Our disbursements are both cash and the Vehicle Hire Purchase. When you come to the Vehicle Hire Purchase Department for example, we do the Salon cars, we do the Orvan buses, we do tricycles.
“So all of these things are things that we want every constituency to have in Ghana when it comes to MASLOC.”
Abibata Mahama
The MASLOC CEO noted that through a burse bank, it will be working collaboratively with the ASSI, with which it shares an MoU to disburse its support fund to its members.
“So with the ASSI, they have presence in all 16 regions and all districts in Ghana. So definitely, everybody is going to have. We cannot satisfy everybody but what I mean by everybody is that, every district will have a feel or impact from us this year.”
Abibata Mahama
Abibata Mahama disclosed that the African Development Bank (AfDB) provided the grant, with which it intends to support the ASSIs.
Background To MASLOC’s Support Fund From AfDB
MASLOC received a boost from the Ministry of Finance and a Multi-Million funding from AfDB in its quest to build a robust digital infrastructure to support its operations across the country and make seamless its loan applications, processing, disbursements, and recoveries.
The project dubbed ‘Post-Covid-19 Skills Development and Productivity Enhancement Project (PSDPEP)’ sought to build the institutional capacity of MASLOC to promote entrepreneurship and job creation among youths and women operating MSMEs or in cooperatives and is expected to benefit at least 24,800 direct beneficiaries and over 50,000 indirect beneficiaries through skills training, wage and self-employment jobs, improved access to credit facilities and financial inclusion.
The funding from the AfDB is intended to resource MASLOC to complete its loan management software (LMS), digital infrastructure to support efficient loan disbursements and collections, training, and capacity building of over 550 staff across the country and networking of all regional and districts offices to the Head Office.
“This project forms part of management’s strategic initiative to automate all processes and achieve a paperless loan application, disbursements, and recoveries. The impact of the Covid-19 pandemic on MASLOC operations, loan recoveries from customers especially the Micro-Small and Medium Enterprises (MSMEs) and customers in remote areas cannot be overemphasized. Our digitalization agenda holds the promise to remove most of the bottlenecks and support our customers irrespective of their locations, gender, qualifications, and status in society.
“The MASLOC digital infrastructure would be leveraged by MSMEs, Co-operatives, Business Associations, and individuals to automate, innovate, build capacity and skills, and have access to credit at competitive interest rates.”
Abibata Mahama
The completion and full deployment of the LMS, with mobile apps for all customer categories is the next phase to ensure a seamless loan application process, loan processing within 24 hours, disbursements, and collections as MASLOC would going forward have the institutional capacity to disburse and recover loans via mobile money wallets, banks accounts, smart biometric cards, and smart POS terminals to be made available to all district offices.
MASLOC appreciates its donors
MASLOC ceased the opportunity to thank the Presidency and Ministry of Finance for their support, as well as the Team from AfDB for the funding and all stakeholders especially its customers for their contributions towards a dream come through.
“MASLOC shall leverage this unique initiative to reach out to more Development Finance Institutions (DFIs) to complement our efforts in providing access to financing for all customer segments across sectors especially those in the agriculture value chains, MSMEs, Youth and Women businesses, Co-operatives, and Trade Associations.”
MASLOC
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