MASLOC quest to build a robust digital infrastructure to support its operations across the country and make loan applications, processing, disbursements, and recoveries seamless have received a boost through the support from the Ministry of Finance and Multi-Million USD funding from the African Development Bank.
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, Abibata Shani Mahama, the 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 overemphasised.
“Our digitalization agenda holds the promise to remove most of the bottlenecks and support our customers irrespective of their locations, gender, qualifications, and status in society. 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, loan processing within 24 hours, disbursements, and collections as MASLOC would going forward have the institutional capacity to disburse and recover loans via mobile money wallets, banks accounts, smart biometric cards, and smart POS terminals to be made available to all district offices.
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.
MASLOC seeks this opportunity to thank the Presidency and Ministry of Finance for their support, the Team from AfDB for the funding and all stakeholders especially our customers for their contributions towards a dream come through.
MASLOC shall leverage this unique initiative to reach out to more Development Finance Institutions to compliment our efforts in providing access to financing for all customer segments across sectors especially those in the agriculture value chains, MSMEs, Youth and Women businesses, Co-operatives, and Trade Associations.
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