Veep Unveils MASLOC’s Integrated ICT System For Improved Loan Disbursement
Vice President, Dr Mahamudu Bawumia on Tuesday launched the Microfinance and Small Loans Centre’s(MASLOC) Integrated ICT System to promote transparency and accountability in the disbursement and recovery of loans.
The ICT platform is an innovative solution to address payment and settlement problems as well as reach out to the wider unbanked population in the underprivileged communities.
It would also address faults in loan applications, bureaucracy, low recovery rate and enhance access to the target beneficiaries, including individuals, small-and-medium scale businesses and associations across the country.
All beneficiaries are expected to have MASLOC cards, Tax Identification Numbers (TIN) and digital addresses for easy tracking.
Speaking at the launch of the ICT System at the Jubilee House, Vice President Bawumia stressed that the IT solution was in tandem with President Akufo-Addo’s government vision of digitising government machinery and enhancing public service delivery.
He emphasized that this would force the country’s agenda of building a digital economy and becoming the preferred business destination in Africa.
Dr Bawumia observed that the world COVID-19 pandemic had reaffirmed the President’s belief that building a digital economy is the way to go and would facilitate development after the pandemic.
He explained that even before the emergence of COVID-19 pandemic, the government had commenced implementing digital architecture to change the economy and thus, mentioned the rolling out of the Mobile Money Payment Interoperability System, National Digital and Property Addressing System, QR Code, Instant Pay and Ghana Link as some of the platforms to digitise the economy.
“I believe the ICT System will breathe the fresh air of efficiency into the operations of MASLOC in terms of processing loans, increase access to products and services and reduce human interface. This is a major transformation of MASLOC and would bring a huge element of transparency and accountability,” the Vice President emphasised.
Consequently, the Centre would not give out loans based on one’s political affiliation, but to all qualified Ghanaians, especially to 80 per cent of Ghanaian women.
Dr Bawumia was of the conviction that the IT solution would enhance the confidence and give impetus to the Finance Minister to grant more liquidity for MASLOC’s operations.
Mr Stephen Amoah, the Chief Executive Officer of MASLOC, in his welcome
address said the Centre was set up in 2006 to close the equity gap between SMEs and large businesses.
He believed that the ICT platform would promote efficiency in the operations and administration of loan disbursement and recovery, as well as protect the public purse.
He stressed that it would also be crucial to the Metropolitan, Municipal and District Assemblies, NBSSI and other national financial institutions in the disbursement of funds.
Mr Amoah said the Centre has paid more than 115 million Ghana cedis to 97,195 beneficiaries over the past three years, compared to about 75 million Ghana cedis disbursed between 2009 and 2016.
Mr Amoah said his outfit had set up 570 new jobs and opened 200 offices in rural areas.
He said it had also set up an Internal Audit and Entity Tender Committee and Internal Audit Unit to promote efficiency and transparency in its operations.
The Centre, he said, would share its data with other universal banks and financial institutions to promote loan disbursement to rural folks across the country.
Currently, MASLOC has collaborated with ARB Apex Bank to promote service delivery.