FLASHBACK: We recovered 80% of loans after seizing properties of defaulters – MASLOC CEO

The former Chief Executive of Microfinance and Small Loans Centre (MASLOC), Mr. Stephen Amoah, stated revealed that after properties of defaulters of loans were seized, about 80% of loans were retrieved. According to him, items like cars, tricycles, and outboard motors amongst others retrieved from defaulters amounted to about GH¢60 million in terms of value. Read the full story originally published on November 1, 2018, by 3news The Chief Executive Officer of Microfinance and Small Loans Centre (MASLOC), Mr. Stephen Amoah says his outfit has been able to recover about 80 percent of loans from defaulters. He said they were able to chalk that feat after moving in to seize properties of defaulters. Speaking to Winston Amoah on 3FM’s Sunrise, Mr. Amoah noted that core parameters to appraise MASLOC “include recoveries in terms of percentage, management of excess liquidity and executing all these on a well-established ICT system”. He said under his administration, items like cars, tricycles, and outboard motors amongst others retrieved from defaulters amounted to about 60 million cedis in terms of value. According to the CEO, MASLOC is a strategic programme to bridge the equity gap between small and medium-scale enterprises and large companies accessing funds from traditional banks. Mr. Amoah admitted that the social intervention programme “was set up hurriedly and was under-performing for about 8 years”. He said although the concept was the best to help local entrepreneurs properly define their value chain, “the NPP rushed in putting up the policy”. He said MASLOC would be restructured, noting that a well-structured programme “would do a great deal of good to the society and improve the standard of living”. Meanwhile, Mr. Amoah stated that the perception that MASLOC is a political tool has been minimized in terms of its approach and operation as it is now being run as a professional financial institution.

The former Chief Executive of Microfinance and Small Loans Centre (MASLOC), Mr. Stephen Amoah, stated revealed that after properties of defaulters of loans were seized, about 80% of loans were retrieved. According to him, items like cars, tricycles, and outboard motors amongst others retrieved from defaulters amounted to about GH¢60 million in terms of value. Read the full story originally published on November 1, 2018, by 3news The Chief Executive Officer of Microfinance and Small Loans Centre (MASLOC), Mr. Stephen Amoah says his outfit has been able to recover about 80 percent of loans from defaulters. He said they were able to chalk that feat after moving in to seize properties of defaulters. Speaking to Winston Amoah on 3FM’s Sunrise, Mr. Amoah noted that core parameters to appraise MASLOC “include recoveries in terms of percentage, management of excess liquidity and executing all these on a well-established ICT system”. He said under his administration, items like cars, tricycles, and outboard motors amongst others retrieved from defaulters amounted to about 60 million cedis in terms of value. According to the CEO, MASLOC is a strategic programme to bridge the equity gap between small and medium-scale enterprises and large companies accessing funds from traditional banks. Mr. Amoah admitted that the social intervention programme “was set up hurriedly and was under-performing for about 8 years”. He said although the concept was the best to help local entrepreneurs properly define their value chain, “the NPP rushed in putting up the policy”. He said MASLOC would be restructured, noting that a well-structured programme “would do a great deal of good to the society and improve the standard of living”. Meanwhile, Mr. Amoah stated that the perception that MASLOC is a political tool has been minimized in terms of its approach and operation as it is now being run as a professional financial institution.