Business News of 2013-12-06

MASLOC to disburse funds through electronic system

The Microfinance and Small Loans Centre (MASLOC), is considering the introduction of an electronic system for the disbursement of funds.

This is to help reduce the difficulties associated with the current manual system where beneficiaries had to spend long periods before they can access loans.

The acting Chief Executive Officer (CEO) of MASLOC, Mrs Sedina Christine Tamakloe Attionu, made this known during a familiarisation visit to the Ashanti Region to acquaint herself with progress of work there.

Currently, disbursement of funds is done in two categories. One involves individual loans where cheques are issued directly to individuals.

There is also a group loan where the leader of a group of 25 members is responsible for sharing funds to each member at a meeting place.

Mrs Attionu, however, believed the system was beset with so many problems that could be avoided by the electronic disbursement system.

On the challenges associated with the recovery of loans, she said steps had been taken to address the bottlenecks.

She said loans taken from MASLOC were revolving funds and advised all beneficiaries to endeavour to pay back for other needy people in the country to benefit.

Accompanied by the Ashanti Regional Manager of MASLOC, Mr Isaac Dekiayie and other MASLOC officials, the CEO visited the Atonsu Dompoase M/A Cluster of Schools to interact with two caterers who benefited from the intervention.

The caterers, Mrs Lydia Norshie and Vida Donkor, said they had each been feeding 313 pupils at the Dompoase M/A Primary B and Dompoase M/A KG, respectively, under the school feeding programme.

They said having benefited from the loan for six months, they were motivated to use the funds profitably and pay back for others to also benefit and advised all beneficiaries to do same.

At Ejisu Besease, a Poultry Farmer, Ms Lydia Asare, also a beneficiary, told the CEO that she took a loan of GH¢8,000 to support her project and said it was currently producing 1,500 chicken and 25 crates of eggs every day.

The CEO and her team also paid courtesy calls on the Ashanti Regional Minister, Mr Eric Opoku and the Kumasi Metropolitan Chief Executive, Mr Kojo Bonsu.

She appealed to the Ashanti Regional Co-ordinating Council and the Kumasi Metropolitan Assembly to help MASLOC to acquire a parcel of land to set up a regional office to assist in its operations.