‘GAF credit union saving increases to D75M’

Friday, August 02, 2019

Colonel Alhagie Sanneh, the chairman of The Gambia Armed Forces Cooperative Credit Union (GAFCCU) has stated that the union’s savings have grown from D71, 280,993 (Seventy-One Million, two hundred and eighty thousand, nine hundred and ninety three dalasis) as at December 2017 to seventy five million and ten thousand, six hundred and Forty-three dalasis, as at 31st December 2018.  

He said: “The assets have increased from seventy-eight million four hundred and twenty-six thousand, four hundred and thirty-nine dalasis as at 31st December 2017 to eighty-four million, six hundred and seventy-six thousand, nine hundred and eighty-nine dalasis as at December 2018.”

Colonel Sanneh was speaking on Wednesday morning at the Joint Officers’ Mess in Kotu during the Annual General Meeting (AGM) of the GAFCCU.

The GAFCCU was founded on the principles of credit unions, in 2008 with the objectives of improving members’ socio-economic wellbeing, develop culture of savings, create and maintain a viable loan scheme to meet members’ financial requirements, among others.

Commenting on their challenges, he said, during the year under review, they had also presented some daunting challenges to the union. “Withdrawals have been a nightmare as members were withdrawing than they were saving. Since the recovery of loans is not affected by our management, the risk of skipping loan deductions also poses some challenges.”

Brigadier Gen. Mamat O. Cham, the commander of the Gambia National Army (GNA) deputising for the CDS, said the GAF credit union is moving to be among the  most notable financial institutions in the county that is capable of providing financial needs with substantially reduced risks and with less or no overbearing conditions.

He urged GAF personnel to subscribe to the concept of the credit union and become a creditor as “we try to build and promote a financially inclusive society in The Gambia.”

Author: Momodou Jawo & Kaddy Cham