The Northern Regional Manager of the Microfinance and Small Loans Centre(MASLOC) Yakubu Musah has stated that his outfit from 2017 has recovered a total amount of 500,000 cedis representing a cumulative collection of 62% of the total debt in the region.
This he said is a significant recovery of the loans from individuals and groups.
“Recovery of existing loans is a daily activity and since taking office as regional manager of the Microfinance institution, we have made a recovery of 500,000 cedis from both new and old loans representing 62 percent of the total debt” he said.
He added that his outfit has received and processed over 1,294 applications with 220 being individual loans, 515 startups and 10 special projects.
“We have processed five women groups across each District in the region who will benefit from our loans that will be disbursed next month so that our women can do business to alleviate poverty in the region”
Mr. Musah made these remarks when his outfit met with various stakeholders drawn from all the 27 Assemblies in the region in Tamale to sensitise them on the activities on MASLOC in the region.
The Chief Executive Officer of MASLOC Stephen Amoah used the opportunity to explain to participants the need for beneficiaries of the loan facility to pay their loans so that more people can benefit from the facility.
“We have some money which is ready for disbursement. As soon as I get to Accra I will sign your applications so you can get your money to do your businesses and I assure you Northern Region will be the first to benefit”
He appealed to participants not to ‘eat’ their capital for any reason because if they do, they will be killing their businesses.
He also warned the expected beneficiaries that Masloc money is not for free but to support businesses to grow and admonished them to apply the money to profitable use so they can pay their loans.
Some participants appealed to the CEO to consider expanding the women groups to benefit from the facility from 5 to 10.