Jun 21, 2017, 12:58 PM
The Banjul International Airport Cooperative Credit Union (BIACCU), on Thursday held its 13th Annual General Meeting at the old Airport terminal.
The theme of the AGM was “Credit Union bringing competitive and affordable financial services to your doorsteps through share branching”.
Speaking on the occasion, the chairman of BIACCU, Babucarr Fatty, said the BIACCU had subscribed to the apex body’s initiative in providing the platform for credit union to access financial services at any of the identified shared branching locations across the length and breadth of the country.
“This demonstrates BIACCU’s commitment to the philosophy of cooperation among cooperatives,” he added.
During the year under review, he added, the board had regular meetings to develop, review and implement prudential policies and directions for the growth and sustainability of the credit union.
The year also witnessed the beginning of their three-year strategic plan, he added.
“Our membership growth has registered a steady increase from 1067 in 2014 to 1083 in 2015. Total savings mobilised increased from GMD19,649,840 in 2014 to GMD23,063,945 in 2015, loaning the primary business of the union increased from GMD17,009,628 in 2014 to GMD20,082,775 in 2015.”
Also speaking on the occasion, Suaibo Keita, treasurer of BIACCU, dwelt on the union’s state of income, expenditure, investment, interest, income and savings.
He said the loan, which forms an integral part and serves as the core business of the credit union’s operation, had been satisfactorily disbursed to members on a monthly basis.
Cognizant of this fact, he said, the board and the loan committee were “very vigilant” in ensuring that loans given out were “beneficial, timely and fit for all purposes”.
He said the assets, which determine the liquidity position of any financial organization of which credit unions are no exception, also significantly increased for BIACCU.
The assets of the BIACCU, which comprises both current and non-current assets, totaled to D27,027, 040.00 in 2015 (the year under review) as opposed to D23,027, 598.00 in 2014.
BIACCU’s asset portfolio had increased by D3,999,442.00 representing 17 per cent in 2015, which was a “sign of positive growth”, Mr Keita said.
In his statement, Nuha Sanneh, who spoke on behalf of NACCUG’s general manager, said the liquidity management, profitability and security of members’ funds should form an integral part of the credit union business, which is the case with regard to the union.
He said the BIACCU’s balance sheet and income statement had unveiled positive success variables by generating profit, more than two-fold over the previous year. “Equally too, the credit union liquidity position was sound,” Mr Sanneh added, and commended the board of directors for their stewardship.