MASLOC Adjudged Microfinance Brand of The Year
The Chartered Institute of Credit Management Ghana named MASLOC as the top-performing institution in delivering sustainable project finance for SMEs for the year under review.
The event, which was held at the Mensvic Hotel at East Legon in Accra, had many institutions in the finance sector receive numerous awards in various categories, such as the Innovative Micro Credit product, the brand of the year, data collection and rural bank of the year.
In a speech read on behalf of the Governor of the Bank of Ghana, Mr. Freitas Donatus, Assistant Director at the Banking Supervision Department, indicated that the theme considered for this year was very appropriate “as we recover from the devastating effects of the COVID-19 pandemic which has launched us into a more digitalized world.”
He added that the digital revolution in the financial services industry has drastically changed how financial institutions operate and serve their clients and that traditional banking procedures are fast becoming obsolete, due to the slow processing time and other bureaucratic procedures inherent in banking operations.
He entreated financial institutions to be proactive in digitizing their risk functions and adopt the Bank of Ghana’s Risk Management Directive 2021(RMD) which offers guidelines for Risk Financial Institutions (RFIs) to develop a robust Risk Management Framework (RMFs) to aid in identifying, measuring, evaluating, controlling, mitigating and reporting material risks within their institutions.
The Governor highlighted that the potential of the Banking and Financial Services Sector to advance digitalization has been demonstrated on the continent and the BOG has also adopted a forward-looking approach to regulating and will continue to encourage the sector players to follow suit in pursuit of the advancement and development of the financial services sector.
Hajia Abibata Shanni Mahama Zakariah, the chief executive officer (CEO) of MASLOC, on receipt of the crystal plaque and award certificate in her office from the deputy CEO of Operations, Mr. Paul Sarbeng, who led a team to receive the award on her behalf, said being awarded the sustainable Microfinance brand of the year at the Ghana Credit awards was a significant achievement for us at MASLOC and a testament to the tenacity and intuitiveness with which we innovate to add value to our client’s lives.
She noted that this award is also an honor bestowed to deserving businesses, making it a significant achievement and reaffirming her commitment to ensuring MASLOC fulfills its goal by assisting with funding for SMEs and the pro-poor.
She also took the opportunity to acknowledge the support of the office of the President, the Board, Management, staff, and most especially MASLOC clientele nationwide, “for being a huge contributing factor to our success that has enabled us to become an essential component in government’s effort in eradicating poverty from our society.”
She stressed that MASLOC as a brand is striving to ensure that they are truly changing lives in meaningful ways, hence complimenting her massive reforms that are yielding the results.
This year’s edition was celebrated under the theme: ‘Accelerating Digital Transformation in the Banking and Financial Services Industry: From Crisis to Growth,’ and saw institutions from all sectors of the economy acknowledged for their sterling achievements.
The Ghana credit Excellence Award is aimed at improving the quality and efficiency in the financial services sector and will focus on showcasing and applauding the best-performing banks, specialized deposit-taking institutions, microfinance institutions, venture capital businesses, and debt collection agencies in various categories.