Chief Executive Officer (CEO) of the Students Loan Trust Fund (SLTF), Nana Kwaku Agyei Yeboah has disclosed that his outfit with the introduction of technology has more than doubled loans reclaimed from beneficiaries.
The fund which has seen a steady growth over the years, has moved from the continuous worry of reclaiming loans from students.
“We have changed our loan repayment process and with the aid of technology, we have put in place new structures that have made student loan reclamation easier.” Nana Kwaku Agyei Yeboah said.
With the introduction of repayment application platforms, beneficiaries of the SLTF do not have to go through the stress of joining long queues at the bank.
“So instead of the banks, students can now repay their loans from their phones at their own convenience. We have also set aside the 7th month of every year as the ‘loan repayment month’. The month is dedicated to sending alerts and continuous reminders to beneficiaries so they never forget their obligation.” he noted.
The fund also set up the myghpay platform where beneficiaries of student loans who had moved out of the country could also pay their loans using bank cards.
In an engagement under the theme; ‘Positioning Ghana’s Education for Sustained Development’, the first of the novel series under the umbrella, ‘Happy FM Development Dialogues’, the SLTF boss said, “In making sure defaulters also repay loans, we made public announcements in the dailies and that helped us a lot.”
“Initially, the fund on a regular recouped some GH₵15.5 million cedis in loans but now, we have increased the sum to GH₵38.9 million cedis.”
With the loan facility now increased by 50 percent, students can now receive a minimum of GH₵1,500 and a minimum of GH₵3,000 per annum for their 4 year school duration, payable in a period of 10 years after school. “You have 2 free years after school before you start paying back the loan and pay it back in 8 years with a low interest rate of 12 percent.”
Persons eligible for the SLTF are Ghanaians in any accredited institution in the country and such persons can simply log on to the Students Loan Trust Fund’s website to apply.
Source : Ghanaweb