The Chief Executive Officer (CEO) of Microfinance and Small Loans Centre (MASLOC) Ghana Abibata Shanni Mahama Zakariah has stormed the Eastern Regional capital Koforidua over the refusal by beneficiaries to repay a total of GHC10 million loans disbursed to them.
According to the CEO, MASLOC disbursed GHc 16million within 5 years to hundreds of beneficiaries in the region, however, only Ghc 6 million has been recouped.
She said the recovery rate in the Eastern region is 33% which is woefully low as compared to other regions.
The CEO and her deputy, therefore, joined the Eastern Regional Manager of MASLOC Alfrida Aboagye to sensitize market women and traders on the need to repay the loan secured from the center.
Speaking in an interview, the CEO said going to court to recoup the money is not an immediate option.
MASLOC is an apex body responsible for implementing the Government of Ghana’s (GoG) microfinance programmes targeted at reducing poverty.
MASLOC provides micro and small loans for start-ups and small businesses with fast, easy and accessible microcredit and small loans to grow.
The interest rate applicable to MASLOC loans is basically 1% per month for all loans.
The Microfinance and Small Loans Centre (MASLOC) said, its loan recovery efforts were significantly impaired by the COVID-19 pandemic, to around 40 per cent despite doing about 90 per cent before.