The Chief Executive of the Students Loan Trust Fund, Nana Kwaku Adjei Yeboah, has attributed the SLTF’s ability to implement the “No guarantor” policy to government’s digitization agenda.
Nana Agyei Yeboah was speaking at the launch of the policy at the School of Engineering Auditorium of the Kwame Nkrumah University of Science and Technology.
“Ladies and gentlemen, it is not by accident that the Vice President [Mahamudu Bawumia] is the one launching this policy. The simple truth is that this policy would have been impossible to implement without the solid foundation built by his digitisation infrastructure” he said.
Nana Agyei Yeboah said that, previously, the SLTF needed guarantors to help them trace borrowers to repay their loans.
“Today, with the widespread use of the Ghana card, and the way it is interlinked with other essential services, the use of guarantors has become superfluous in our operations as a fund. What the guarantor used to do, the highly integrated national identification system can now do much better”.
The SLTF CEO said that the organisation has recently put in place several strategies to maximise the recovery of loans from borrowers.
He said the SLTF have introduced several new electronic payment platforms to make repayment of loans more convenient for customers.
The Fund has also opened two regional offices in Accra and Kumasi to focus solely on the recovery of loans.
Additionally, the fund is implementing a diaspora recovery drive aimed to recovering loans from borrowers living abroad.
He appealed to past and present beneficiaries of the loan scheme to repay their loans to guarantee the sustainability of the Fund for future generations.