Loan collection efficiency worsens in SL: ASA International
ASA International Group PLC said Tuesday that loan collection efficiency in September worsened in the Philippines, Sri Lanka, Nigeria and Sierra Leone, but improved in India, Kenya, Uganda, Rwanda and Zambia, according to a report by marketwatch.com
The London-listed microfinance institution said liquidity continues to be high, with around $109 million of unrestricted cash and cash equivalents across the group at the end of September. ASA’s pipeline of funding deals under negotiation totaled $162.0 million.
The company said collections in Myanmar for the month were around 55%, representing those clients who opted to repay installments despite a pandemic-driven lockdown.
In the Philippines, September collections fell to 96% from 99% in August, and Nigeria and Sierra Leone collections fell to 95% from 96% and 91% from 92% respectively.
Operations in Sri Lanka were closed entirely for the month due to nationwide lockdowns from Aug. 20 to Sept. 29.
ASA’s number of clients remained steady around 2.5 million while its gross loan portfolio was $437 million at the end of September, 1% lower on-month but 3% higher on-year.