Hajia Abibata Shanni Mahama Zakariah
The Microfinance and Small Loans Centre (MASLOC) has warned that it will use every legal means to retrieve all of its locked-up money from defaulters in the Upper East Region.
Available information says 92 per cent of beneficiaries in the region, who took loans, have failed to pay back the loans, dating back to 2017.
Chief Executive Officer of MASLOC, Hajia Abibata Shanni Mahama Zakariah, who paid a working visit to the Upper East Region, said the situation is very unfortunate and dangerous to the operations of MASLOC.
She said “…I’m asking all regional managers to do their best to retrieve these monies. They have a monthly target to retrieve. Sometimes people think because they belong to the government of the day, the money belongs to the government and they will not pay. These monies are not for the government, so we will do our best to retrieve all locked-up capital.”
Out of the GH¢9 million loans that were disbursed in the region, only GH¢2 million have been recovered, while GH¢7 million remain with defaulting beneficiaries.
There are some other defaulters who were given mini buses, saloon cars and Isuzu buses, through the GPRTU in the region, to work and pay the cost of the vehicles.
Hajia Zakariah noted in an interview, after meeting with MMDCEs and other stakeholders in Bolgatanga, that so far, only 45 per cent of the total loans granted across the country have been recovered.
“We don’t want to get there, but if it becomes critical, we will take legal action against any defaulter. So I appeal to all defaulters to settle their debts for the sustainability of MASLOC.
“MASLOC has the lowest interest rate that you can think of in Ghana. Our interest rate is 12 per cent per annum, so once they take loans from MASLOC, there is not much burden on them. Once they meet our requirements, they are given the loan, and we expect them to pay back,” Hajia Mahama Zakariah said.
FROM: Ebo Bruce-Quansah, Bolgatanga