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

Business News of Thursday, 1 November 2018

Source: 3news.com

2018-11-01

Stephen Amoah, Chief Executive Officer of MASLOC

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, 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 the small and medium scale enterprises and large companies accessing funds from the 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 to 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 standard of living”.

Meanwhile, Mr. Amoah stated that 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.

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