Over 750 existing individuals and groups in the Yendi Municipality of the Northern Region have benefited from more than one million Cedis (GhC 1,000,000) credit facility disbursement by the Microfinance and Small Loans Center (MASLOC) to expand existing businesses and grow startups.
The disbursement, first of its kind in the area, was done to a 25 – Membership group of thirty, with each person receiving one thousand Ghana Cedis. Some persons also received the Scheme’s individual loans of various sums.
The monies are to be paid back in installments over a six month period at some six percent interest rate.
The Deputy CEO of MASLOC, Hajia Abibata Shanni Mahama Zakariah, who presided over the distribution told the beneficiaries to invest the monies properly to ensure they reap decent returns to transform their means of livelihood and to as well service the debt.
Hajia Abibata Shanni, a contender in the Yendi Constituency NPP parliamentary candidature race said she facilitated the intervention out of her quest to serve, economically empower the people and to redeem them from the hands of poverty.
Some of the beneficiaries spoke to NTV and expressed their delight, assuring MASLOC officials of their commitment to invest the funds and pay back as they earn the benefits over the stipulated period.
Hafsa Hameed, a trader shared her experiences of the difficulty she has encountered in accessing credit facility from mainstream financial institution to support her trade.
The 26 – year – old who was full of praises for Hajia Abibata said she will invest the monies in her sandals business which she said was the only source of income relied on to put her siblings through school.
Another beneficiary, Abdulai Issah, 38, told NTV that he will channel the monies into his poultry farm, an enterprise he started three years ago which has not gone well as envisaged due to the difficulty in accessing loans from Banks because of his lack of collateral security.