Africa-Press – Ghana. Mr. Mawunyo Agbe, Volta Regional Manager of the Microfinance and Small Loans Centre (MASLOC), says the institution will soon begin publishing the names of loan defaulters in a bid to recover outstanding debts.
Speaking in an interview , Mr. Agbe explained that since assuming office, he had noticed a backlog of “legacy loans” that had not been repaid, despite several notices and final demand letters being issued to beneficiaries.
“Most of the clients are still reluctant to pay, even after receiving their final demand notices. MASLOC is backed by law, so we are now resorting to stronger legal means. One of these measures is to publish the names of defaulters at vantage points such as markets, lorry parks, court premises, and other public places,” he said.
According to him, the move is not to disgrace beneficiaries but to apply social pressure to encourage repayment.
“MASLOC is a revolving fund meant to benefit all Ghanaians. If people refuse to pay, others cannot also access loans to start businesses. We are calling on communities to help us by reminding relatives and colleagues whose names appear on the list to settle their debts and have their names struck out,” he stated.
Mr. Agbe revealed that more than GHC ₵7 million in loans remain unpaid in the Volta Region, including over 118 tricycles, 2,000 hair dryers, sewing machines, vehicles, and other facilities distributed to beneficiaries.
He stressed that the non-payment of these loans is hampering government’s efforts to support small and medium enterprises (SMEs) and creating barriers for young people eager to access capital to start businesses.
“A MASLOC facility attracts just one percent interest. Compare that to commercial bank loans with rates of 23–33 percent. This is a unique intervention by the government since 2006 to alleviate poverty. We cannot allow people to abuse it. The youth, the media, and every Ghanaian must join us to ensure repayment so that others can also benefit,” Mr. Agbe added.
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