Vice-President Dr Mahamudu Bawumia has launched the Integrated ICT System which automates all the operations of the Microfinance and Small Loans Centre (MASLOC) in the country.
The system is an information technology solution that would address payment and settlement challenges of MASLOC and bring an air of efficiency into its operations of MASLOC.
The platform which is a collaboration between the centre, the ARP Apex bank and is designed by the Eban Capital, the software 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 loans assessable.
To apply, applicants would need a business name, Tax Identification Number (TIN), a digital address, passport picture and a valid identity card among others.
The Vice President commended the board and CEO of MASLOC for the move because it was in line with the President’s vision to digitise government operations as possible and all aspects of the economy to make Ghana the most business friendly economy.
He said before the COVID-19 had government had embarked on aggressive digitization but the pandemic had reaffirmed the position of the President that building a digital economy was the way go adding that “the COVID-19 had been destructive in many ways but distractive events can catalyze change for the better”.
He said the business would not be as usual after this crisis and that there would be increased reliance and confidence in technology with online payment systems radicalised, leaving institutions with no option but to subscribe to digital service delivery.
Dr Bawumia said Ghana was on course as far the digitization 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 explained that this would also help enhance government’s efforts at formalizing 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 a TIN number, digital address among others and said the digitization would also bring more efficiency into the operations of MASLOC,” he said.