MASLOC Advices Eastern Traders Against Using Loans For Consumables

Deputy-CEO-of-MASLOC-Mutaphafa-Abubakar-in-a-group-photograph-with-the-beneficiaries.jpg

Some 1,306 traders in the Eastern Region, have been supported with a sum of GHC 666,500, from the Microfinance and Small Loans Center (MASLOC) to grow their businesses.

In all, fifty-six identifiable beneficiaries made up of fifty-three groups and three individuals from all the twenty-nine districts in the region, received their separate cheques for clearance.

Out of this, the Birim North, Atiwa, Akyemansa Districts and the New Juaben Municipal Assembly beneficiaries, received their cheques when officials of MASLOC, paid a two-day working visit to the region this month.

At the New Juaben Municipal Assembly, where the MASLOC team started the regional disbursement, its Deputy Chief Executive Officer, Mustapha Abubakar, advised the traders to make judicious use of the loans by expanding their businesses, in order to be able to pay it back with interest to the state after six months.

Alhaji Abubakar, added that because of President Mahama’s commitment towards supporting traders, especially women, with a flexible repayment terms for credits, interest on the loans are pegged at two per cent a month, making it the lowest interest rate in the microfinance sector in the country.

He advised the beneficiaries against using the loans to service other debts and also on consumables for their families which would not yield any growth to their businesses.

“If you are privileged to benefit from MASLOC loans, make sure you pay it back so that others can also access it. This will also give you an opportunity to reapply for more financial support from us”, the deputy CEO advised.

On his part, the Municipal Chief Executive of the New Juaben Municipal Assembly, Kwabena Okyere-Kusi, told the happy traders to be truthful in their business and not renege on their promise to pay back the loans.

Madam Janet Dede, leader of the Enso Nyame Ye Women Group at New Juaben, which received a cheque of GHC 12,400, was full of praise for President
Mahama, for supporting them through MASLOC.

She said, that their businesses have been slow due to due insufficient capital injection but with this kind intervention from the Center, their businesses will get a considerable boost.

Miss Vida Otiwa of the Akrofufu Victory Traders Association at Atiwa , a beneficiary, also told this paper in an interview that her group was committed to investing the money properly to make profit and pay back to the state.

The Eastern Regional Manager of MASLOC, James Parimah; Marketing Manager, Vivian Sinkari-Mahama, and other officials of the Center, were part of the disbursing delegation.

In a related development in the Greater Accra Region, the Deputy CEO of MASLOC, before embarking on the Eastern regional tour, disbursed GH¢ 50,300 to four groups in the Shai Osudoku District.

He was accompanied by the Center’s Regional Manager, Mr Shadrac Quocoo and other officers.

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