Eban Capital Limited, a Ghanaian Fintech, and its technology partners, have rolled out the first phase of the Integrated Software Platform (ISP) for Micro-Finance and Small Loans Centre (MASLOC) to commence a new strategic development.
The partners – Temenos SA, Inlaks and Wizarpos International of Shanghai China – helped in starting the new platform aimed at transforming MASLOC into a fully digital enterprise with enhanced capabilities.
This will enable it to deliver on its mandate and bring its operations abreast with recent global technological developments.
A statement from Eban Capital said the ISP was secured through an agreement with Eban Capital Limited and it would support the running of all operations of MASLOC across its 216 newly established district centres, the regional offices, and Head Office.
It said the ISP had been a key feature of the strategic development plan of MASLOC for the past 18 months, adding that internal processes and operations of the Centre’s departments were integrated on the ISP as part of the deployment of the first phase.
The statement said the integration of the departments’ internal processes was to introduce efficiency into MASLOC’s operations including the much-desired improvement in loan disbursement and repayment in collaboration with ARB APEX Bank.
It said as part of the improvements, customers and clients of the Centre would be issued with biometric cards interfaced with biometric point-of-sale devices all linked to the platform through ARP APEX Bank.
The second phase would cover the development of online enterprise solutions including Mobile App for Android/iOS/Web access for all categories of MASLOC customers.
It would ensure a completely paperless process for a loan application, credit administration, disbursements, and repayments, it said, adding that loan officers shall be assigned to each applicant based on their location (region and district) using their digital addresses.
The statement said at the launch of the ISP, Mr Jim S. Amegah, the Chief Executive Officer of Eban Capital Ltd, shared the Company’s desire to support the digital transformation of Ghana’s economy with the stakeholders present.
“We found a great opportunity for partnership in MASLOC’s desire to integrate their entire operations. Our promise of ‘real partnership’ is hinged on our commitment to supporting efforts by governments and other actors to reduce poverty, increase the population, which can assess financial services, provide employment and the attainment of a cash-lite economy among others using our globally integrated financial services platform,” Mr Amegah was quoted as saying.
“This makes us best positioned to support MASLOC’s agenda and to provide impetus towards unprecedented socio-economic growth in Ghana and Africa where our programmes would ensure the Continent achieves at least five out of the 17 Sustainable Development Goals (SDGs)”.
Vice President Dr Mahamudu Bawumia, launching the ISP, expressed delight that such a crucial aspect of the Ghanaian SME sector had embraced modern technology and the use of ICT in service delivery.
That would place MASLOC in a position to respond appropriately to the changing world order arising from the effects of Covid-19, he noted.
“The implementation of what we can call the ‘MASLOC Card’ could not have come at a better time. It will make public sector service delivery and the administration of credit schemes simpler and effective.”
Ghana, before the outbreak of the Covid-19 pandemic, had taken a decision to aggressively pursue digitization.
Mr Stephen Amoah, the Chief Executive Officer of MASLOC, indicated that with the ISP, MASLOC was poised to delivering on its objective of providing funds to SMEs, especially the unbanked customers who form a greater percentage of the informal sector of the economy.
He explained that applicants were expected to receive the results of their applications within 24 hours with the new platform.