The
chairman of the Gambia Police Force Co-operative Credit Union, Habibou Sanyang,
has revealed that, during the year under review, the police credit union had
seen their savings increase from D88 million in 2014 to D99 million in 2015.
This
was an increase of about D11 million, which translates to 13 per cent, he
announced.
Chairman
Sanyang made this statement while delivering the chairman’s report during the
17th Annual General Meeting of the Gambia Police Force Co-operative Credit
Union (GPFCCU), held at the Paradise Suites Hotel on Saturday.
In
his report, the chairman stated that the theme for this year AGM: “Credit union
shared branching-deepening financial inclusion through cooperation among
cooperatives” could not have come at a better time, when as a credit union they
“are trying to intensify their network” to reach to a wider membership from all
the four corners of the country, and to ensure financial accessibility within
the areas they live.
According
to Mr Sanyang, the police credit union would “continue to thrive” as a credit
union, while serving the interest of their members “who are the only reason why
we continue to exist”.
“This
does not happen in a vacuum,” he said, adding that the members must take
ownership and invest in their institution, “which is the only way forward in
the face of fierce competition”.
Regarding
police credit union membership growth, Mr Sanyang said that in the year under
review, membership grew from 8,900 as at 31 December 2014 to 9,947 as at 31
December 2015, representing a growth rate of 12 per cent.
On
loan to their members, Mr Sanyang stated the police credit union would continue
to undertake a careful assessment of each loan on a case by case basis, to
ensure that “members’ savings are not exposed to unnecessary risks”.
In
the same vein, he noted, the police credit union had seen an increase in loan
from D83 million in 2014 to D91 million as at 31 December 2015, which is about
9.6 per cent.
“This
is a clear testimony that our members still cherish the products and services
we are offering, but there will be no room for complacency,” he said.
“Innovation
and research through the members will continue to enable us design more
demand-driven products and services.”
Also
speaking on the occasion, the deputy Inspector General of Police, Momodou Sowe,
thanked Allah for His benevolence and mercy in enabling them witnessed another
AGM to take stock and celebrate the landmark achievements registered by their
own credit union.
Deputy
IGP Sowe explained that the police credit union consists of the Police,
Immigration, Fire and Rescue Services, Prisons and Drug Squad, adding that all
the departments of the Ministry of the Interior came together to create a
credit union.
He
said the year under review showed their assets increased by 16 per cent; “that
is, the union total asset is D147,629,650 in 2015 compared to D126,791,790 in
2014”.
He
said: “We must not, therefore, rest on our laurels until we put in place those
structures and service-delivering mechanism that will continue to attract more
and more members,” he said.
The
guest speaker on the occasion, Minister of the Interior Ousman Sonko, spoke
about the importance of the AGM, which shows how their monies are used and how
their members are served.
He
also said the AGM was held to review their services for transparency and
accountability, and to continue focus for services.
The
Interior minister also stressed the need for financial discipline which, he
said, is important for every member of the police credit union.
The
minister also commended the board of directors, the management and the staff of
the police credit union for their hard work in continually registering
successes, as reported by the chairman.
The
Interior minister further said the theme of the AGM was apt as it would enable
members to access their money anywhere they are posted without traveling far.
The
Minister assured them that his ministry would always be available to give
assistance to the police credit union, “as long as it is in the interest of the
members.”
