MASLOC recovers GHC16 million from loan defaulters

The Micro Finance and Small Loans Centre (MASLOC) says its recovered 16 million cedis of loans from defaulted customers across the country.

Officials explained the significant progress was the result of threats by MASLOC to publish the names of all defaulters.

The recovered amount constitute a part of a 100 million cedi debt by the defaulted customers across the country.

Ashanti regional director of the Centre, Hajia Zeinabu Sallow, told TV3 those indebted to MASLOC include traders, politicians and players in the entertainment industry.

She said the Centre is on an aggressive recovery drive, including confiscation of vehicles from beneficiaries.

MASLOC was established by the government in 2006 to provide loans for micro and small-scale entrepreneurs and businesses as well as groups to strengthen their operations.

It was to serve as effective and viable strategy for poverty reduction in the country.

Challenges being faced by the centre are largely attributed to the politicization of the institution’s operations, where ruling party faithful are prioritized in disbursement of loans.

This, according to officials, has affected proper documentation and fairness in disbursement, as well as institutional monitoring.

Hajia Zeinabu however said all Ghanaians now have equal opportunity to access loans under the scheme.