MASLOC streamlines loan application

Ho, Jan. 19, GNA- Banks administering loans under the Micro-finance and Small Loans Centre (MASLOC), in the Volta Region, have prevented applicants, who have provided contradictory information on their application forms from acquiring loans.

Information about the identity of applicants on their passports, health insurance identity cards, driving licences and other legal documents did not tally with those on their loan application forms. Togbui Dzamedzi Nyakpo, Volta Regional Co-ordinator of MASLOC, who made these known to the Ghana News Agency (GNA), in Ho on Friday, following allegations that the Centre was taking custody of the Voter Identity cards of applicants, said the Centre did not directly demand any identity cards from applicants.

He explained that the Centre furnished the banks with information provided by persons, whose applications were approved, to enable the financial institutions to cross-check information on the identity cards, adding that the cards were returned to the owners immediately after the process.

Togbui Nyakpo said some of the explanations given by the affected applicants were that their marital status had changed at the time of filing their applications for the loan and that they have changed their names.

He said the loans were available to productive but poor women, the youth and the physically challenged who could not obtain bank loans. Togbui Nyakpo said the loan which was 1,000 Ghana cedis minimum per applicant was made available through productive groups or directly to individuals.

He said there was a scramble for the loan, which was meant to assist people already in productive activities or those who needed capital to start productive activities.