Nations local staff Cooperative Credit Union recently held its 7th Annual
General Meeting (AGM) at the UN house in Cape Point, Bakau.
The AGM creates a platform for members to manifest their democratic rights and to ensure transparency, accountability and compliance in the administration and control of their Credit Union.
Yankuba Sawo, chairperson of the Credit Union said the credit union stipulates that management of the Union should convene an annual general meeting at the end of each financial year. “This is conducted to present to the general membership, performance and challenges of the cooperative.”
Sawo said Credit Unions all over the world focus primarily on the welfare of its members by providing affordable and adequate financial facilities in the form of loans. “I advise you our members to be efficient in your financial spending in a proper manner,” he stated.
He announced that for the first time since the creation of the union, they were able to pay 5% interest on members’ saving this year.
Operations Manager of NACCUG, Foday Sanyang said the annual meeting underscores the past, highlights the present and decides the future of their financial cooperatives in monetary terms.
He applauded the Union’s achievements in the past two decades, stating that the union has tremendously improved the wellbeing of its members. “We at NACCUG would like to assure you that we will continue to provide the needed guidance and technical support to enable members to continue providing the best financial services to their members.”
Yusupha Jarjusey, treasurer of the Union presented the audited financial statement, saying the financial statement could be used to assess the leadership and management of the Union and make informed decisions for the good.
On the statement of financial decision, he indicated that during the year under review, the total assets of the Union have increased from 7.1 to 7.8 million dalasi.
He disclosed that the cash and bank balances as of 31st December 2017 was 2, 943, 649 dalasi, which he said, has increased by 79.35% from December 2016.
“This could be due to the revised policy of the Central Bank on the interest rate which affected the investment opportunities of the Union in several ways.”
Mr. Jarjusey further informed members that currently 80% of the fund can be made available to them as loans according to the bylaws of the union.