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Vice President Mahamudu Bawumia says Ghana is ready for the digitized economy, which would be the new global norm after the Covid-19 pandemic.
During the launch of the Integrated ICT System of the Center for Microfinance and Small Loans (MASLOC), Dr. Bawumia indicated that the current global health crisis has awakened many nations to the importance of digitization.
However, he said Ghana will not be left out as President Akufo-Addo has aggressively pursued the digitization of government operations and all aspects of the economy when he took office in January 2017.
“Covid-19 has been destructive in many aspects of our lives, but destructive events can catalyze change for the better, we are witnessing an awakening of a new world order that will be greater reliance on and trust in technology.
“Fortunately, Ghana is already underway when it comes to digitization,” he said.
MASLOC’s integrated ICT system is a new innovation that will automate all operations of microfinance companies to improve efficiency at the institution.
The platform, which is a collaboration between the center, the ARP Apex bank and designed by Eban Capital, the software providers automate the end-to-end credit management process, the loan application, the credit evaluation, the disbursement of the loan, loan repayment and monitoring and reporting of everything to make the loan assessable.
Addressing MASLOC officials, Dr. Bawumia said the initiative is a technological solution that would address MASLOC’s payment and settlement challenges and make it friendly to its clients.
He further praised MASLOC’s leadership of the initiative, as it is in line with President Nana Akufo-Addo’s vision of a digitized economy and also formalizes the informal sector.
“With this integrated ICT system, MASLOC is poised to meet its goal of providing funds to SMEs, especially to unbanked customers who make up a larger percentage of the informal sector of the economy.
“And the organization will also position itself for the next world order for service delivery.”
Finance Minister Ken Ofori Atta, speaking about the effect of the pandemic on the economy, revealed that the blockade did not extend because a large part of the Ghanaian population operates within the informal sector; The sector most affected during the restriction.
Therefore, it became “increasingly impossible to continue” with the blocking policy, he added.
