The Chief Executive Officer of Microfinance and Small Loans Center (MASLOC), Mr Stephen Amoah has asserted that the new office established at Krofrom in the capital of the Ashanti Region will help to promote and enhance the development of a decentralized micro financial system.

He informed that per the objectives of MASLOC to engage directly or indirectly in microcredit and small loans business, it was necessary that a zone one office would be opened in Kumasi to “ease congestion at the regional office and will also increase accessibility.”

“It will make sure that those living here, down to Ejisu and other areas will have access to funds. We are actually trying to decentralize our processes and reduce centralization which of course creates bureaucracy and hamper access,” he added.

MASLOC, introduced by government in 2006 to reduce poverty and create wealth for the citizens on Monday, October 26, 2020, inaugurated its Zone 1 office to serve customers willing to partake in the services of the financial institution. The centre located at Krofrom according to the CEO will not serve only the people of Manhyia North but Suame, Tafo, Ejisu Area, Oforikrom, Ash town, Bantama and people from far can all move to the new place until another zonal office is set up.

“We are doing this to make sure that time between application and receiving funds will be reduced and also ensure effectiveness and efficiency because once we reduce the complexity and the cumbersome nature through which one can access funds, you also ensure effectiveness and efficiency, which makes the work easy.”

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When asked whether the rate at which people pay back their loans when the time is due, Mr Stephen Amoah responded that coronavirus has obstructed the course due to loanees failure to trade as a result of the lockdown processes and measures put in place by government to curtail the spread. He assured that measures are been put in place to ensure a vast improvement in repayment of funds by customers.

“Repayment was very good until we started experiencing covid-19. You know the global statistics came out that the world’s economy was going to come down by 3 per cent and that was huge.

“Activities on the market was impaired because people were not buying and selling, it was a wheel challenge and covid 19 was impeding our progress in terms of recovery but I'm sure very soon it will be over and then MASLOC will pick up because we were doing very well until we had this natural disaster.

"We were doing 90 per cent and it came to 60 but now around 40 per cent because of the covid.

“The measures put in place, one of it is what we are doing today and it would ensure that we can improve recovery.”