Worldwide, there is evidence of the impact of technology and how it has contributed to a significant shift in corporate operations. Consumers have gained freedom and some amount of involvement as a result of automated systems, which have in certain cases eliminated or reduced human interactions.
Consider having an app on your phone that allows you to access resources and complete transactions on your own, or a self-driving vehicle that can transport you to any area with a “press of a button”.
In recent years, the introduction of new technology in organizations has greatly led to a decrease in the number of man-hours given to output.
The adoption and development of new technologies, particularly by current and developing firms on the African continent, is historic and is helping to put the continent on the business map.
As a product of this impact, the Microfinance and Small Loans Centre (MASLOC) has received funding from the African Development Bank as well as support from the Ministry of Finance to aid in the building of a strong digital infrastructure for the institution.
The digital infrastructure will support and enable the completion of a loan management software (LMS) for the efficient processing, disbursement, and recovery of loan facilities, as well as provide training and capacity building for over 550 staff across the country and connect all regional and district offices to the Head Office.
From our statistics, in Ghana, a total of 4.5 million people has bank accounts as compared to an unbanked population of 30.8 million which makes up the vast majority of the population.
However, 29.1 million of the vast majority have mobile phone access and mobile wallet accounts yet an estimated 1.7 million components of the society are yet to be integrated into any mobile system.
In light of these statistics and by the nature of MASLOC’s operation in providing support for individuals in the micro business environment, the new loan management (LMS) system will do a lot to bring more people onto the banking and mobile system.
In an era of technological advancement and with institutions migrating to advanced secure digital platforms, the training in the operation of the institution’s new Loan Management Software (LMS) will not only equip and improve efficient service delivery to our clients but will also ensure that we have a secure database that will also complement our efforts to encourage all categories of our clienteles to patronize our services through simple and personalized solutions such as mobile applications, USSD shortcodes, etc. at their convenience.
Importantly, this initiative would position MASLOC as a key competitor in strategically equipping and bringing the capability to beneficiaries in our key support areas such as youth and physically challenged support, women empowerment, and agro-based industry support.
The Post-Covid-19 Skills Development and Productivity Enhancement Project (PSDPEP) support for MASLOC, along with the enhancement of technological infrastructure, would be largely used by MSMEs, cooperatives, business associations, and individuals to automate, innovate, build capacity, and access credit at competitive interest rates.