MRCG Credit Union member savings increases to D67 million

Thursday, May 09, 2019

Medical Research Council Gambia Cooperative Credit Union members saving have increased from 9 million dalasi to 67 million dalasi in 2018, the Union’s treasurer Ousman Bah told members at their 22nd Annual General Meeting in Fajara.

The AGM was held under the theme: Credit union promoting a financial inclusive society in The Gambia.

Reading the financial statement before members, Mr. Bah said they have a strong and boosting total assets of 82.8 million dalasi, compare to 65.8 million dalasis in 2017, saying there was an increase of 17 million dalasi in the net worth of the credit union over the period. “Loans disbursed to members have also increased from 8.3 million dalasi to 51 million dalasi. The loans-to savings ratio as at 31 December 2018 is 84%.”

Mr. Bah said the Union have also maintained a savings account with Standard Chartered Bank with an average balance of 6 million dalasi with an interest of 240 thousand dalasi in 2018.

Chairperson of the Union’s board of directors Isatou Foon said the theme of the gathering was timely as credit unions in The Gambia have cooperate and worked together over the years  to enhance financial inclusion. “During the year under review, we had a good and very cordial relationship with the MRCG leadership, which we cherish greatly. We will ensure that this goodwill relationship is maintained and take it to another level.”

She said the global health researchers’ leadership have made their operation seamless and always ready to support when called upon. “We have also enjoyed support from the departments within MRCG,’’ she explained.

Professor D’Alessandro Umberto, MRCG unit director said the success of the Union is due to honestly, transparency and hard work of the management.

He commended credit union management for responsibly managing the finance transparently and successfully and urged them to continue the trend in the best interest of the Union members.

Author: Abdoulie Nyockeh