The Western North Regional boss of the Microfinance and Small Loans Centre (MASLOC), Mr. Isaiah Kwarteng, has warned that the agency will begin impounding vehicles and motorcycles belonging to loan defaulters across the region.
Mr. Kwarteng issued the warning in an interview with the Daily Times Newspaper, stressing the need for beneficiaries to honour their repayment obligations to sustain the programme.
He explained that MASLOC was established to support micro, small, and medium-scale enterprises (MSMEs) by providing financial assistance aimed at promoting business growth, job creation, and economic development.
According to him, continuous default on loan repayments threatens the viability of the scheme and limits access for other entrepreneurs who rely on the facility for their livelihoods.
He noted that management is therefore compelled to adopt stricter recovery measures to ensure accountability and proper circulation of funds among beneficiaries.
Mr. Kwarteng stated that the impounding of vehicles, motorcycles, and other assets belonging to defaulters will be carried out in accordance with MASLOC’s operational guidelines and relevant regulations governing the programme.
He cautioned beneficiaries who have defaulted on their loans to promptly settle their arrears to avoid enforcement actions, adding that the agency will not hesitate to act where necessary.
The MASLOC boss indicated that the enforcement exercise will be conducted professionally, with due process and prior notice given to affected individuals before any seizure of assets.
He emphasized that the move is not intended to punish borrowers but to safeguard public funds and ensure the scheme remains sustainable while continuing to benefit more people.
Mr. Kwarteng also applauded the government for publishing the Big Push projects, saying the move promotes transparency, highlights developmental progress, and encourages accountability in ongoing government initiatives.
He concluded by reaffirming MASLOC’s commitment to supporting entrepreneurs in the Western North Region while urging beneficiaries to remain compliant with repayment terms to strengthen the initiative.
