The Microfinance and Loans Centre (MASLOC) has disbursed loans to 1,425 beneficiaries in the Ashanti Region made up of 34 groups, each with 25 members to help sustain their small business.
Speaking at the presentation, the Chief Executive Officer of MASLOC, Hajia Abibata Shanni Mahama Zakariah, reaffirmed their dedication to their goal of assisting in the advancement of micro business in the country.
She reassured beneficiaries that the government through MASLOC is still committed to assisting the poor and marginalised in the society.
Hajia Abibata said despite the economic challenges, MSALOC has still been able to raise funds totaling GH¢1.7 million to help small businesses and beneficiaries better their standard of living, further demonstrating its commitment to improving people’s lives.
In order to help beneficiaries, repay these loans, Hajia Abibata Shanni Mahama Zakariah stated that the institution has changed the payment tenure from six to 12 months at a rate of 12 percent annually to help the beneficiaries repay their loans effectively
She added that this in response to the prevailing economic climate.
“The decision to start with the Ashanti Region in the disbursement of the group loans was as a result of the efficient repayment rate of beneficiaries”, she stated.
Hajia Abibata said she will consider reviewing further the individual amount from GH¢2,000 to GH¢5,000 if the beneficiaries are able to repay effectively and promptly all their scheduled disbursements as required.
The CEO reaffirmed that MASLOC, as a critical institution, has been the foundation of Ghana’s socio-economic development over the past 16 years by giving loans to individuals and small and medium enterprises (SMEs) so they can grow their business and improve their lives.
In its 16 years of existence, MASLOC has complemented the government’s efforts to adopt pro-poor programmes aimed at eradicating poverty.
