MASLOC disburses loans in Brong-Ahafo Region

Sunyani, June 3, GNA - The Microfinance and Small Loans Scheme (MASLOC) on Tuesday launched its Brong-Ahafo Regional centre with the disbursement of GHC 1.8 million to 3,057 beneficiaries made up 134 groups in the region.

Mr. Lawrence Prempeh, Chief Executive Officer of MASLOC who launched the centre that has been in existence for the past year, made the disbursement in cheques in Sunyani. He said the scheme had already disbursed GHC 820,000 to 356 individuals in the region to help the beneficiaries to expand their income generating ventures.

Mr. Prempeh said the productive poor constituted the main target of the facility, adding that programmes for women, youth and people with disabilities were prioritized.

He said since access to financial services was almost indispensable in any poverty reduction programme the government was persuaded to establish the scheme to partly cover the huge credit gap and enhance the development of a sound and sustainable micro financial system in the country.

He said the scheme was mandated to undertake reforms and development measures that would strengthen microfinance operation as an effective and viable strategy for poverty reduction. Mr. Prempeh said the scheme since its establishment last year had opened offices in all the 10 regions and had engaged 600 workers in the metropolitan, municipal and district assemblies to ensure its sustainability.

Mr. Forson Osei Bonsu, Regional Coordinator, appealed to the beneficiaries to use the money judiciously so they could repay in time for other people to benefit.

He said interest rate of the facility was 10 percent and appealed to beneficiaries to be loyal in repayment. Mr. Bonsu said accessing the loans was devoid of political sentiments and urged the unemployed youth to go into income generating activities to access the facility and enhance their livelihood. Mr. Kwame Twumasi-Awuah, Sunyani Municipal Chief Executive, appealed to the management of MASLOC to consider organizing capacity-building training programmes for the beneficiaries to manage their businesses properly. "Small loans are not meant for immediate consumption", he said. 03 June 08