The Chief Executive Officer (CEO) of the Microfinance and Small Loan Centre, MASLOC, Abibata Mahama Zakariah says although resorting to court action against loan defaulters is not an immediate option, workable loan recovery strategies have been rolled out to recoup monies being owed by clients.
According to her, the Upper East Region has over 7 million Ghana cedis of cash loans in arrears, describing it as unfortunate.
She said her office was targeting a recovery rate of 80 percent and urged defaulters to honour their loan obligations to sustain the cycle of disbursement for others to benefit.
Madam Mahama Zakariah made the disclosure in an interview with GBC’s Isaac Asare on the sidelines of a stakeholders engagement involving staff and fund managers in Bolgatanga.
Explaining the rationale for her visit to the Upper East Region, the CEO of MASLOC said her office was embarking on a rigorous sensitization drive to erase the common perception that monies taken from the fund are freebies meant for all Ghanaians particularly members of the ruling government to enjoy.
She debunked the long-held notion and said every Ghanaian irrespective of ethnic or party affiliation is qualified to pick a loan or take advantage of its product and services given on hire purchase.
The Upper East Region is the 10th region to be visited by Madam Mahama Zakaria since her assumption of office as CEO for MASLOC after a tour of the southern sector.
The visit was to engage staff at the respective regional offices, acquaint herself with their operations, know their challenges and chart the way forward in sustaining the fund through efficient loan disbursement and recovery.
MASLOC has the lowest interest rate of 12 percent per annum as compared to loans dished out by financial institutions.
Loans are disbursed once an applicant meets the set requirements.