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Executive Director of Microfinance and Small Loan Centre (MASLOC) Sedina Tamakloe Attionu has debunked the long held perception that loans given by the Centre are political gifts to party faithful.

According her, although this perception affected the operations of the scheme in the past, there has been a significant improvement in the operations of the scheme over the past six years.

"MASLOC has been in operation since 2007. Previously, there were issues and challenges with loan recovery basically because of the perception that MASLOC Loans were political gifts. But over the last 6 years, we have been able to slowly change that perception. Beneficiaries are beginning to understand that the loans are not political loans but loans to improve their businesses and livelihood,” she said.

The Executive Director said recovery rate of the loan facility has increased over the years due to education given to the beneficiaries before handing out the loans.

"From a position of a recovery rate of about 6% in 2008, we are currently around 67% recovery which is a huge leap. We have been doing a lot of financial literacy education, which is what has helped in creating the awareness for our women on how to save and the essence of repayment of the loans they have taken."

Mrs. Tamakloe Attionu was speaking to a section of the media in Ho on the sidelines of a brief ceremony to disburse funds to women groups in the Ho Municipality.

An amount GHc114, 075 was disbursed of which 236 women were the beneficiaries.
The Member of Parliament (MP) for Ho Central, Benjamin Kpodo who was instrumental in facilitating the loan for women in the region, admonished the beneficiaries to use the money judiciously and ensure that they pay back in time, so that others in the queue can also benefit.

Some of the leaders of beneficiary groups, Hajia Hawa and Hajia Zeinatu Amadu promised to ensure that the loans are paid back so that they can continue to benefit and enable the fund to be sustainable for the benefit of other women who may need financial assistance in the future?