Covid-19: Loan recovery rate decreased from 90% to 40%-MASLOC
The outbreak of the Covid-19 pandemic and its associated impact has had effects on the operations of the Microfinance and Small Loans Centre (MASLOC).
The Chief Executive Officer of the firm, Stephen Amoah has stated that the loan recovery rate has decreased from an original 90% to 40%.
Addressing journalists at the launch of the firm’s zonal office in Kumasi, Mr Amoah indicated that “loan recovery rate was high until Covid-19 visited the shores of the country”.
He explained that, the Covid-19 induced restrictions on movement and earlier caused the loan recovery rate fall to about 60% before reducing to its current 40%.
The MASLOC boss further expressed hope that this will help remove the burden regarding loan applications, funding for small business and recovery of small loans at the zonal office in Kumasi.