MASLOC recovers GHC100m debt; to disburse GHC35m

MASLOC, a micro and small loans company has revealed that it has retrieved 84% of loans in cash and assets by defaulters.

The company began a distress action over a year ago to retrieve over a hundred million Ghana cedis by defaulting organizations and individuals.

A high debt position which left the company in crisis, making it difficult for needy businesses including small and medium scale enterprises to gain support.

The company is also set to disburse another 35 million cedis from next week to beneficiaries, which the government has released because the company claims the structures are now right.

Company CEO Steven Amoah said the company was able to achieve the feat within a year and about four months, because of a myriad of measures put in place.

“We did pilot exercises to test our new techniques and see how we can recover because that is the major difficulty that we are having. We did for about five groups in Greater Accra Region, four in the Eastern region including group and individual loans,” he said.

Mr Amoah explained on Morning Starr on Monday that “because of the challenges we are having with recovery, in terms of the critical activity path of loan disbursement, it’s somehow prolonged for now. But once the automated system is in place to enhance efficiency and effectiveness and also transparency, it will be shortened”.

“One thing about Ghana is that sometimes people don’t have an idea about how an organization is run. It’s not about coming out, giving just the money…it’s about getting proper structures in place and when you start the thing will be sustainable. That is why a lot of companies have collapsed, we don’t want to go in there. People should come closer, find out exactly what is happening, and understand it,” he told host Francis Abban.

On the new system of loan application and disbursement, to ensure sustainability, he said “If this thing is set up, you apply in the district, we will vet it there, send it to the region, and region will vet it there and send it to national.

“We have credit committee, they will sit on it and then once it’s approved, we release everything through the region s to the districts for disbursement.”