The Chief Executive Officer (CEO) of Microfinance and Small Loans Centre (MASLOC), Hajia Abibata Shanni Mahama Zakaria has revealed that the scheme is being confronted with a very serious challenge which is the low rate of debt recovery from the beneficiaries.
She stressed that if a deliberate effort was not made to address the situation, it could affect the survival of the scheme going forward.
She made this known when he interacted with some market women at the Koforidua Central Market in the Eastern Region.
MASLOC is a body responsible for implementing the Government of Ghana’s (GoG) microfinance programmes targeted at reducing poverty and creating jobs but the scheme since its inception seems to suffer from a lot of challenges with the key among them being beneficiaries inability to pay back the loans, whether deliberate or not.
Speaking to newsmen in an interview, after interaction with some market women in Koforidua, Hajia Zakaria did not hesitate to reveal that, the low rate of debt recovery was affecting the operations of the scheme and that being the reason why her outfit has resolved to educate the beneficiaries and potential beneficiaries about the need to pay back their loans after accessing them so that, others can also benefit.
She added that there were other harsh approaches they could use to recover the debt but has decided to do more education which they believe would change the attitude of beneficiaries towards the scheme.