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Loaning to SMEs MASLOC sees improvement in loan recovery rate

MASLOC has been severely criticised in the way and manner in which it disburses funds to small and medium enterprises, with some alleging that funds are distributed to party footsoldiers.

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MASLOC has been severely criticised in the way and manner in which it disburses funds to small and medium enterprises, with some alleging that funds are distributed to party footsoldiers. play

MASLOC has been severely criticised in the way and manner in which it disburses funds to small and medium enterprises, with some alleging that funds are distributed to party footsoldiers.

The Micro Finance and Small Loans Scheme (MASLOC) has seen improvement in the recovery of loans disbursed to clients, the deputy director of the scheme  Abubakar Ibrahim has revealed.

MASLOC has been severely criticised in the way and manner in which it disburses funds to small and medium enterprises, with some alleging that funds are distributed to party footsoldiers.

But according to Mr Ibrahim, those era where funds are distributed to party cronies are a thing of the past, hence the improvement in the recovery rate.

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“Since we assumed office in 2009/2010 we have departed from that ideology, he told Accra-based Joy FM. "It has not been helpful...the recovery rate then was about 6.3 percent. Today we are talking about 67 to 68 percent."

“You don’t expect to give loans to party people and expect a huge recovery like that...but now people are paying,” he added.

Mr Ibrahim further said the focus of MASLOC now, unlike in the past, is to support businesses to expand and change lives.

“All we want to do is to support businesses and entrepreneurs to grow so that at the end of the day we all can be proud to say that we are changing lives and improving our communities.”

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