Feb 21, 2014, 10:21 AM
Baboucarr Fatty, the Chairman of the Banjul International Airport Co-operative Credit Union, BIACCU, has disclosed that in 2012 the union has significantly increased its savings to D13, 242,082.00 million.
He made this remark at BIACCU’s 10th AGM, held at the Airport Old Terminal Building, on the theme: Creating A Brighter Gambia through Credit Unions.
In his report, Fatty said achievement registered and sustained by the BIACCU during the period under review are impressive.
He disclosed that membership has increased from 1,036 in December 2011 to 1,106, as at end of December 2012, representing 33% saving, which he noted, grew from GMD 11,250,950 million to GMD 13,242,082million. This, he added, represents a growth of GMD 1,991,132million.
According to him, the board received a periodic training and frequent regulatory updates, both locally by the NACCUG and internationally to ensure that they have the requisite knowledge to effectively carry out their duties, particularly in the wake of an avalanche of new regulation.
He noted that credit unions are full-service financial cooperatives, owned by the members of the organisation, and not by private investors or other institutions or foreign organisations.
While emphasising that credit unions are not profit-making, he said, they exist to provide a safe and convenient place for members to receive better interest on their deposits and obtain loans at reasonable rates.
He urged interested persons to choose credit union as their financial institution, describing it as future investment.
Madam Catherine Nying, Deputy Director of the Gambia Civil Aviation Authority said credit unions help to promote small business growth, through reduced transaction costs.
According to her, sustainable growth and progress registered by the credit union is undoubtedly a testimony to the strong management and operational regimes that are put in place.
She said credit unions have had significant impact on people with sustained improvement on the quality of services on offer and then noted that this buoyant micro-financial facility will be able to remain competitive in a rapidly changing financial sector.
She urged the members to take advantage of the conducive and vibrant social-economic environment created by the government.
Madam Nying further urged them to use the micro-financial facility to advance the economic aspirations of the members and their families.
According to NACCUG’s Programme Manager, Mr. Hamey B. Jawara, such meetings create an opportunity for the board of directors to present their achievements, explain their challenges and draft new strategies to move the credit union to the next level.
On the other hand, he said, it accords the members the right to know the status of their finances, comprehend issues that doubt them and reaffirm their trust and confidence in the management of their funds in the best interest of all.
“As you gather for the tenth time; let’s reflect on the positive changes we have impacted on the lives of our members and renew our commitment to deliver more in the advancement of our membership,” he concluded.