Teachers’ credit union increases membership
The membership of the Swedru Teachers Co-operative Credit Union has increased appreciably from 6,440 to 6,941 (3,273 males and 3,612 females) as a result of the quality services it provides its clients. It also has 56 groups.
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AGM
The Board Chairman of the union, Mr Benjamin Ansong Somuah, who disclosed this at the 14th Annual General Meeting (AGM) at Agona Swedru, said his outfit was in the process of cleaning up the database to remove inactive members from its books.
According to him, the total assets of the union now stood at GH¢8,720,435.38 as against GH¢6,679,182.02 in 2014, while members’ savings was also at GH¢7,320,523.45 as against GH¢5,486,089 on June 30, 2014.
He indicated that the shares of members also increased from GH¢517,918.57 in 2014 to GH¢678,899.78, while GH¢5,626,313.90 was disbursed as loans to members, as compared to GH¢4,662.30 in 2014.
Mr Somuah explained that shares formed the capital base of the union and noted that when one subscribed to the shares, it paved the way for one to be considered as a full-time member of the union.
He, therefore, appealed to the members to ensure that they purchased shares in order to meet the minimum shareholding requirement of GH¢200.00.
The board chairman said loans contracted by members were not being paid regularly and on time, thereby denying others from accessing similar facilities.
He added that the frequent withdrawal of savings and shares continued to be a challenge to the operations of the union and, therefore, urged members to allow their money to be in savings for a longer period so that the activities of the union would not be affected.
He stressed that the board would soon implement a policy to reward members who maintained a certain percentage of their savings.
CUA
The General Manager of the Credit Union Association (CUA) in the Central Region, Mr Samuel Annor, implored workers to make savings a habit so as to be able to confront any challenges that may arise.
He urged members of the union to pay back their loans so that the union could expand such a facility to other members so as to sustain its activities.