Micro-Credit institution, Quick Credit has dissolved its house-to-house debt recovery strategy for clients who have defaulted on their loan repayment timelines.
The founder and board chairman of Quick Credit and CEO of Quick Angels Limited, Richard Nii-Armah Quaye, announced this at Quick Credit’s annual meeting held at the Accra International Conference Centre (AICC) on Sunday, January 7, 2024.
According to him, the suspension has become necessary following numerous complaints from customers and the general public about the harassment meted out to customers by the debt recovery team of the company for failing to repay their loans.
“Over the past years, we have received numerous feedback from our customers, the general public, and our regulator on our activities on the field,” he stated, indicating that “these feedback are reflections of the experiences and expectations of the people we serve.”
“I am thrilled to announce that we have taken a decision to dissolve the house-to-house recovery department of the company and shall no longer be visiting clients for recovery ever again,” Mr. Nii Armah stated amidst applause from the audience.
Videos posted on social media over the past year have depicted horrible and fierce confrontations between the staff of Quick Credit and loan-defaulting customers.
These videos attracted widespread condemnation from the public regarding how customers are manhandled in an attempt to recover money lent to them.
Meanwhile, Mr. Nii-Armah revealed that “instead, we would employ alternative and more suitable means to recover our non-performing loans. This will help increase service quality and enhance the customer experience throughout our organisation.”
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“We have also resolved to continue enhancing technology in our business to improve our service delivery, make us more effective and efficient in our operations, and ultimately reduce our cost of doing business,” the business mogul noted.
2023 target exceeded
According to Mr. Nii-Armah, the company exceeded its targets for the year 2023 and thus disbursed an amount of GHS 1.7 billion to customers.
“In 2023, I am thrilled to report to you that we exceeded our target and we disbursed an incredible amount of 1.7 billion Ghana Cedis compared to the 980 million Ghana Cedis we disbursed in 2022,” said Mr. Nii-Armah Quaye, adding, “We also increased our market share of customers from 187,433 customers in 2022 to 315,113 customers.”