Abba
Sankara, Registrar of Cooperatives, has said credit union plays a vital role in
the economic development and stability of the communities they serve by helping
people improve their lives and making the world a better place to live.
“The
Gambia credit union movement is recognised as one of the most vibrant bodies in
the cooperative sector,” he divulged.
He
was speaking during the opening of the Annual General Meeting of Ndembalanteh
Credit Union at its head office in Kanifing.
The
AGM, under the theme “Credit Union – The Authentic Difference” avails the
members the opportunity to make their voices heard in the affairs of the credit
union.
He
said the government of The Gambia recognises the role that credit unions play
in ensuring the development and cohesion of Gambia society as its activities
are in line with the development policies of the government.
“All credit unions share a common goal to
offer access to affordable financial services to all their members and provide
even the most financially disadvantaged the tool and the opportunities to be
financially self-sufficient,” he declared.
The
authentic difference serves as a catalyst for the cooperative model in
alleviating poverty, he added.
He
challenged Ndembalanteh to come up with innovative products and services to
better serve their members.
Lamin
Saho, vice chairperson of Board of Directors of Ndembalanteh Credit Union, said
2016 proved to be a special year with numerous events in the credit union as it
marked the year when Ndembalanteh and Fangdema credit union members approved
the resolution for merging of the two unions.
He
said the year under review marked when many of the policy documents of the
union were revised and finalised, thus giving the board the full mandate and
power it requires for operating and enforcing the rules and regulations of the
union without subjectivity.
He
noted that the theme could not have come at a better time with the emergence of
so many micro financial institutions but credit union is unique as it is
member-owned.
“Ndembalanteh Credit Union’s membership rose
to 2,499 as compared to 1, 684 in December 2015. Saving has increase from D15,
030, 442. 00 to D18, 502, 313.00 in 2016.
Alieu
Bittaye, Treasurer Ndembalanteh Credit Union, said 2016 witnessed the timely
preparation of a comprehensive business plan and budget for operation of the
association in 2017.
Baboucarr
Jeng, general manager of National Association of Co-Operative Credit Union of
The Gambia (NACCUG), said credit union is implemented on three pillars; saving,
loan and repayment.
He
explained that if these three pillars are not followed, credit union would
fail, while urging members of the credit union to be committed and endeavour to
save, contract loan and repay the loan on time for better management.
