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CESCU Holds 7th AGM

Sep 1, 2009, 5:30 AM | Article By: Augustine Kanjia

The Catholic Education Secretariat Co-operative Credit Union (CESCU) recently held its 7th Annual General Meeting at St. Peters Lower Basic School in Lamin.

The meeting, which brought together over 600 members, discussed among other things, the union's successes, failures and ways of strengthening it.

Paul F. Gomez, the Chairman of CESCU underscored the significance of the forum, noting that it was important to gather to mark the end of another financial year.

 "It is mandatory that a viable Credit Union as statutorily indicated should hold annual gathering, to enable the board share with members, stakeholders and invited personnel a record of activities and salient information in line with the savings done," he stated.

He further dwelled on the importance of credit union, noting that its membership had marginally grown.

On loans, Gomez said though the committee had made numerous successes, they were still faced with some impending constraints. "The total loan for the year 2008 stands at D2, 242, 106. 00," he said.

Marie Kujabi, the Treasurer stated that "CESCU worth D6.5 m with an increase number of over 700 members," highlighting on the loans, investment, reserved fund, interest income, expenditure, surplus, and loan loss reserve.

Francis M. Gomez, the Secretary to the Supervisory Committee commended the loans committee for their appropriate loans approval criteria.

Peter Mendy, the Manager of CESCU, said "We want to inculcate a viable saving culture to build a sustainable co-operative credit union and more. I only hope that we shall get all mission teachers onboard someday soon".