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Business News of Tuesday, 27 October 2020

Source: www.ghanaweb.com

Coronavirus: Loan recovery rate reduced from 90% to 40% - MASLOC

The outbreak of the coronavirus and its associated impact has affected the operations of the Microfinance and Small Loans Centre (MASLOC).

According to the Chief Executive Officer of the firm, Stephen Amoah, loan recovery rate has reduced from an initial 90 percent to 40 percent.

Addressing journalists at the launch of the firm’s zonal office in Kumasi in the Ashanti Region on Monday, October 26, 2020, Amoah said, “loan recovery rate was high until the nation started experiencing the coronavirus pandemic. The recovery rate was about 90 percent until the disease was recorded in the country.”

He stressed that the coronavirus induced restrictions on movement saw the loan recovery rate earlier reduced to about 60 percent before it further down to its current 40 percent.

The MASLOC boss expressed optimism that the zonal office in Kumasi will alleviate the burden at its regional office with regards to receiving loan applications, funding for small scale business and recovery of small loans.

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