The Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Mr Stephen Amoah, has said the coronavirus pandemic has affected the company’s loan recovery rate.
He said the loan recovery rate was high until the nation started experiencing the coronavirus pandemic.
The recovery rate, he said, was about 90 per cent until the disease was recorded in the country in March 2020.
The rate, according to Mr Amoah, reduced to about 60 per cent and further went down to about 40 per cent.
Although he noted that the pandemic is impeding the company’s progress, in terms of loan recovery, he expressed optimism that it will soon be over and it will pick up again.
The MASLOC boss was speaking to the media at the opening of the Kumasi zonal office of the Microfinance and Small Loans Centre at Krofrom on Monday, 26 October 2020.
Mr Amoah noted that the zonal office will help reduce the pressure at the regional office in receiving applications, releasing of funds and recovery of loans.