Over 200 Kumasi market women receive MASLOC loans to boost businesses

Over 200 market women in Kumasi have received financial assistance from the Microfinance and Small Loans Centre (MASLOC) to grow their businesses and generate employment. These women operate at prominent markets such as Bantama, Kejetia, Kumasi Central Market, and Racecourse. The Deputy Director for Operations at MASLOC, Vivian Owusu Asante, revealed that the centre disbursed an initial loan amount of GH¢4 million to approximately 200 traders in Kumasi.

She emphasized that the loans were distributed without regard to political affiliations, stating that MASLOC exists to aid eligible Ghanaians in need of financial support to expand their businesses. Ms. Asante clarified that political considerations were not taken into account when disbursing the loans, and that MASLOC is a government institution committed to supporting deserving citizens.

A challenge faced by the centre, according to Ms. Asante, is the low loan recovery rate from previous administrations, and efforts are being made to recover outstanding debts. She urged all recipients of MASLOC loans to adhere to the repayment schedule, enabling other traders to benefit from the scheme. The MASLOC team visited the markets to distribute cheques to the approved beneficiaries.

The traders expressed their gratitude to MASLOC, appreciating the timely support that will enable them to strengthen their businesses. The flexible loan terms and conditions were also highly regarded by the beneficiaries, who encouraged other traders to utilize the scheme. One beneficiary stated that they received GH¢20,000 each and assured MASLOC of their commitment to repaying the loans within the agreed timeframe, confident that the financial support would help them expand their businesses and improve their livelihoods.