The influence of technology on corporate operations worldwide has been undeniable, revolutionizing the way businesses function.
Automated systems have given consumers more freedom and involvement, reducing the need for human interactions in various processes.
From mobile apps that provide access to resources and transactions, to self-driving vehicles that transport individuals effortlessly, technology has reshaped the business landscape.
Recognizing the transformative power of technology, the Microfinance and Small Loans Centre (MASLOC) has secured funding from the African Development Bank, in addition to support from the Ministry of Finance.
This funding aims to strengthen MASLOC’s digital infrastructure, enabling the development of a robust loan management software (LMS) to streamline loan processing, disbursement, and recovery.
Moreover, the initiative will encompass comprehensive training programs and capacity building for over 550 staff members across the country, connecting all regional and district offices to the central Head Office.
In Ghana, statistics reveal that while 4.5 million people possess bank accounts, a significant portion of the population, comprising 30.8 million individuals, remains unbanked.
However, a staggering 29.1 million unbanked individuals have access to mobile phones and mobile wallet accounts.
This presents an opportunity to integrate these individuals into the digital ecosystem.
With its mission to support microbusinesses, MASLOC’s new LMS system will play a pivotal role in extending banking and mobile services to a wider demographic.
In the era of technological advancements and secure digital platforms, the training provided for operating MASLOC’s new Loan Management Software (LMS) will not only enhance service delivery but also establish a secure database.
This database will facilitate simple and personalized solutions for clients, such as mobile applications and USSD short codes, promoting convenience and accessibility.
Importantly, this initiative will position MASLOC as a key player in equipping and empowering beneficiaries in crucial areas such as youth and physically challenged support, women’s empowerment, and agro-based industry assistance. By leveraging the Post-Covid-19 Skills Development and Productivity Enhancement Project (PSDPEP) support, alongside technological enhancements, MASLOC will provide MSMEs, cooperatives, business associations, and individuals with the means to automate, innovate, build capacity, and access credit at competitive interest rates.
With the infusion of technology and the establishment of a cutting-edge loan management system, MASLOC is poised to drive financial inclusion, bolster economic growth, and empower individuals and businesses throughout Ghana.
The initiative marks a significant step toward a more digitized and inclusive future for the microfinance sector, ensuring that the benefits of technology are harnessed for the betterment of society.