Vice-President Dr Mahamudu Bawumia today launched the Integrated Information and Communication Technology (ICT) System which automates all the operations of the Microfinance and Small Loans Centre (MASLOC) in the country at the Jubilee House.
He said this is an information technology solution that would address payment and settlement challenges of MASLOC and bring air of efficiency into its operations.
The platform, which is a collaboration between the centre, the ARP Apex bank and designed by the Eban Capital, providers automates end to end process of credit management, loan application, credit assessment, disbursement of loan, loan repayment and monitoring and reporting all to make loan accessible.
To apply, applicants would need business name, TIN, digital address, passport picture and a valid identity card among others.
The Vice President commended the board and Chief Executive Officer of MASLOC for the move because it was in line with the President’s vision to digitise government’s operations as possible and all aspects of the economy to make Ghana the most business friendly economy.
He said before the Covid-19 government had embarked on aggressive digitisation but the pandemic had reaffirmed the position of the President that building a digital economy was the way to go, adding that “the Covid-19 had been destructive in many ways but destructive events can catalyse change for the better”.
He said business would not be as usual after the crisis and that there would be increased reliance and confidence in technology with online payment systems radicalised, leaving institutions with no option than to subscribe to digital service delivery.
Dr Bawumia said Ghana was on course as far the digitisation was concerned and that the architecture that Ghana was putting in place was preparing the country well for the post COVID-19 global economy.
He said MASLOC was poised to effectively deliver on its objective by providing funds for SMEs, especially the unbaked customers who formed a greater percentage of the informal sector of the economy and also to position MASLOC for the next world order of service delivery.
He explained that this would also help enhance government’s efforts at formalising the informal sector of the economy and commended the partnership with ARP Apex Bank because a lot of the SMEs were very much in the informal sector and still unbanked.
“This system would help us not only reach the unbanked but also formalise the economy because it would require TIN number, digital address among others. The digitisation would also bring more efficiency into the operations of MASLOC,” added.