The Vice-President with the Chief of Staff, Finance Minister and MASLOC officials
VICE-PRESIDENT Dr. Mahamudu Bawumia, yesterday, launched the Integrated ICT System that has ensured automation of all the operations of the Microfinance and Small Loans Centre (MASLOC) in the country.
He said the system was expected to address payment and settlement challenges of MASLOC and make the centre more efficient in its operations.
The platform designed by the Eban software providers is in collaboration between MASLOC, ARP Apex Bank and Capital and it is seeking to automate end to end process of credit management, loan application, credit assessment, disbursement of loan, loan repayment and monitoring and reporting all to make loan assessable.
According to MASLOC, applicants would need their business name, TIN, digital address, passport picture and a valid identity card to register.
Launching the system at Jubilee House, Accra, the Vice President commended the board and CEO of MASLOC for the move because it was in line with the President’s vision to digitize government operations as possible and all aspects of the economy to make Ghana the most business friendly economy.
He said before the Covid-19 government had embarked on aggressive digitization but the pandemic had reaffirmed the position of the President that building a digital economy was the way go, adding that “the Covid-19 had been destructive in many ways but distractive events can catalyze change for the better.”
He said business would not be as usual after this crisis and that there would be increased reliance and confidence in technology with online payment systems radicalized, leaving institutions with no option but to subscribe to digital service delivery.
Dr Bawumia said Ghana was on course as far the digitization was concerned and that the architecture that Ghana was putting in place was preparing the country well for the post Covid-19 global economy.
He said MASLOC was poised to effectively deliver on its objective by providing funds for SMEs especially the unbaked customers who formed a greater percentage of the informal sector of the economy and also position MASLOC for the next world order of service delivery.
He explained that this would also help enhance government’s efforts at formalizing the informal sector of the economy and commended the partnership with ARP Apex Bank because a lot of the SMEs were very much in the informal sector and still unbanked.
“This system would help us not only reach the unbanked but also formalize the economy because it would require TIN, digital address among others, and said the digitization would also bring more efficiency into the operations of MASLOC.
BY Charles Takyi-Boadu