Pay back your loans - MASLOC CEO begs defaulters

Recovery of loans is one of my biggest headaches, Abibata Zakariah

Only 45% of loans have been recovered since 2017 – MASLOC CEO

MASLOC might be forced to resort to court actions to retrieve loans - CEO

CEO of the Microfinance and Small Loans Centre (MASLOC), Hajia Abibata Shanni Mahama Zakariah, has pleaded with defaulters of loans given

Read full articleby the centre to repay monies given to them.

She said repayment of loans was critical because it will help the centre give out more loans to help sustain and expand micro, small and medium scale businesses.

The Chief executive officer (CEO) added that currently the recovery rate was only 45% and this hampered the ability of the centre to give loans to needy businesses.

“My biggest headache is recovery, it is very very low, as you know MASLOC is a revolving fund. Since 2017 under his Excellency Nana Addo Dankwa Akufo-Addo GH¢ 204 million has been brought to MASLOC out of this we have disbursed GH¢ 200,364, 504 and we could only recover GH¢ 90, 159,526.

“That is my biggest challenge because we need to recover and do more things, a lot of people have applied and those how have been given the loans once they repay they can also take more but our recovery has been very very low,” she said in an interview on Asaase radio monitored by GhanaWeb

He hinted that MASLOC will have to resort to court actions in other to be able to recover the loans should defaulters still refuse to pay.

“I am hoping that by 2024 MASLOC should be able to recover about 84% of funds that have been loaned out,” she added.

MASLOC was set up by the government to provide micro, small and medium scale businesses with loans to start and expand their business with the aim of reducing poverty in the country.