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Business News of Monday, 3 August 2020

Source: thebftonline.com

20,000 CAP applicants’ funds denied due to MoMo disparities – NBSSI

The National Board for Small Scale Industries (NBSSI) has said that over 20,000 applicants who were supposed to benefit from the stimulus package under the Coronavirus Alleviation Programme (CAP) business support scheme were unable to receive their funds, due to their Mobile Money (MoMo) accounts facing some technical disparities.

According to the NBSSI, as part of its due diligence mechanism, funds are only paid into accounts which have the applicant’s name and MoMo account name corresponding. The move was part of measures to prevent the disbursement of funds to fraudsters who apply.

The Executive Director of NBSSI, Kosi Yankey-Ayeh, told the media that a quick investigation by their officers revealed over 30 percent of beneficiaries were affected by this disparity.

“There has been a lot of conversation as to whether we are really disbursing. Yes, we have been disbursing though some people claim they haven’t received the funding; and yes, we have also realised some challenges.

“Before we give out the funds, as much as possible we try to match the name of the MoMo account with the name of the person who has applied, and it is amazing that over 30 percent of the beneficiaries usually do not have the names they have applied with corresponding to that of their MoMo.”

The NBSSI has however begun moves to reach out to all persons who have been affected by this challenge and initiated moves to rectify the abnormally.

However, over 60,000 people have received over GH¢57million under the Adom Micro Soft Loans for micro-enterprises. For the regional breakdown, Mrs. Yankey-Aryeh revealed that the Ashanti Region received the most disbursement.

“The programme is going on successfully. We have really focused on the Adom Loans because that is where we have the numbers. If you look at the economy, 80 percent of our beneficiaries are the micro enterprises; and they are the majority that have applied for the funding. So, as much as possible, we wanted to pay close attention to them and disburse to them.”

She added that the process to begin disbursement of the Anidaso Special Loan will soon be completed, and applicants who requested funding above GH¢2,000 will be served.

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