The Northern Regional Directorate of the Micro Finance and Small Loans Center (MASLOC) is preparing 14 defaulters for court.
The 14 it said took cars with the agreement of paying by monthly installment but failed to honor the payment schedule.
According to MASLOC, its decision to name and shame defaulters still stands and that it will serve defaulters own interest to pay back monies they owe MASLOC.
Speaking to Zaa News on the operations of the center in an interview, the Northern Regional Manager of MASLOC, Mr. Yakubu Musah said defaulters will soon be dragged before the law courts and will pay damages for the period they refused to pay.
He said the center gave out 24 cars to individuals to pay by monthly installments. But, out of the 24, only six have paid in full, four still paying while 14 refused to pay.
This, MALSOC said, was unacceptable. Three of the cars, the center said have been grounded and cannot be used. An amount of 11,625 thousand Ghana cedis was also disbursed to 465 identifiable groups in the region.
Between 2013 to 2016 MASLOC disbursed a total of 2,064,150 Ghana cedis. But out of the amount, a total of 1,395,492.50 Ghana cedis was recovered.
Again, between 2010 and 2012, MASLOC disbursed 5,735,162 Ghana cedis and a total of 4,423,318.73 Ghana cedis respectively. However, it has to date managed to retrieve just 68.84 per cent of monies disbursed.
He had special praise for the center's clients who took out loans to buy tricycles or motor kings. He said even though loans were paid repaid at a slow pace, at least the borrowers had been faithful.
He, however, lamented the difficulty his outfit encountered in terms of recovering monies from those who took MASLOC’s ‘yellow yellow’ tricycles, because most of them are no more motorable.
Mr Musah said the center is not doing badly, but said clients need to pay back the money to enable others to benefit.
On the much awaited disbursement, the manager urged potential beneficiaries to exercise patience, while efforts are being made to recover all loans to enable them to provide assistance to more people.
Mr Musah made a passionate appeal to potential beneficiaries to remember that, neither the monies or the cars are gifts from Father Christmas. Yes, from the money is the government's but it is not free, he stressed.