The Microfinance and small loans Centre (MASLOC) has received support from the Ministry of Finance and Multi-Million USD funding from the African Development Bank to help build a robust digital infrastructure.
The funding from the AfDB would resource MASLOC to complete its loan management software (LMS), digital infrastructure to support efficient loan disbursements and collections, training, and capacity building of over 550 staff across the country and networking of all regional and districts offices to the Head Office.
According to the CEO of MASLOC Madam Abibata Shani Mahama, “this project forms part of management’s strategic initiative to automate all processes and achieve a paperless loan application, disbursements, and recoveries.
The impact of the Covid-19 pandemic on MASLOC operations, loan recoveries from customers especially the Micro-Small and Medium Enterprises (MSMEs) and customers in remote areas cannot be overemphasized.
The MASLOC digital infrastructure would be leveraged by MSMEs, Co-operatives, Business Associations, and individuals to automate, innovate, build capacity and skills, and have access to credit at competitive interest rates.”
The completion and full deployment of the LMS, with mobile apps for all customer categories is the next phase to ensure a seamless loan application process, disbursements, and collections.
The project dubbed ‘post-Covid-19 Skills Development and Productivity Enhancement Project’ (PSDPEP) would amongst others build the institutional capacity of MASLOC to promote entrepreneurship and job creation among youths and women operating MSMEs or in cooperatives.
It is expected to benefit at least 24,800 direct beneficiaries and over 50,000 indirect beneficiaries through skills training, wage and self-employment jobs, improved access to credit facilities and financial inclusion.