MASLOC DISTRIBUTES TRICYCLES

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The Microfinance and Small Loans Centre, MASLOC has launched its Tricycle project in the Ashanti Region with the handing over of 70 tricycles to beneficiaries. 

At the launch in Kumasi, the Deputy Chief Executive Officer of MASLOC, Mustapha Abubakar noted that from 2010 to date, MASLOC has disbursed over four-point-eight million Ghana Cedis to seven thousand, 863 beneficiaries in Ashanti region alone. 

He was happy to announce that 90 per cent of these beneficiaries are women. 

Mr. Abubakar was impressed with the loan repayment rate in the region, noting that Ashanti has a loan recovery rate of 64-point-four per cent. 

He said the beneficiaries of the tricycles will pay for a period of 36 months to offset the loan, adding that measures have been instituted to ensure all loans are recovered. 

The Deputy CEO explained that MASLOC is a government agency set up to offer loans to  petty traders, the poor and those who cannot offer collateral security with interest rate as low as two per cent. 

He entreated the beneficiaries to make prompt payments of loans in order for other people to benefit. 

The Head of Operations of MASLOC, Daniel Axim stressed that the tricycles are to cart only goods adding, that the beneficiaries must ensure they employ qualified persons to use the tricycles. 

They must also prioritize servicing of the tricycles. 

The Ashanti Regional Minister, John Alexender Ackon who launched the project advised the beneficiaries to learn to save the little they make each day in order to improve their lives. 

He also advised the youth to take advantage of opportunities set up by government under the Youth Employment Authority to redefine their economic plight. 

He also advised beneficiaries to operate within the law to avoid any confrontation with the law enforcement agencies.

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