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NACCUG Mobilizes over D1 billion savings countrywide

Nov 4, 2019, 1:41 PM | Article By: Mamadou Edrisa Njie

Patrick Mendy, finance-cum-administrative Manager of the National Cooperative Credit Unions of The Gambia (NACCUG), has revealed that his office statistics showed that as at 31st March 2019, 77,673 people countrywide were able to mobilize D1.2 billion savings within its 26 years of existence.

He said the provincial credit unions alone were able to mobilize 42.8 million savings with a membership of 7,784 during this short spell.

Mr Mendy made the revelation of the figures at the second edition of the NACCUG award ceremony for project beneficiaries to access finance, held on 31st October, 2019 at its head office in Bakau.

He quoted the World Council of Credit Unions (WOCCU) statistics showing that 235 million people within the credit union family worldwide mobilised 1.4 trillion in savings within a short period.

The award ceremony coincided with the World’s Savings Day Commemoration that is in line with NACCUG’s vision of promoting financial inclusion in The Gambia.

Based on the statistics, Mr Mendy enthused that his office has all reasons to celebrate the day, and by extension, the awardees present, noting that it’s a day of self-assessment.

He underscored the importance of savings, noting it has impacted the lives of human beings in diverse ways, worldwide. “Savings can help you become financially secured and provide a safety net in case of emergency. Emergency cushion can be a new roof, out of pocket medical expenses, sudden loss of income, school fees, access to loans for business ventures and many more,” he said.

Mendy used the occasion to challenge the project beneficiaries to take their business ventures with seriousness, pointing out that the Credit Union family strongly believes that savings does not mean having lot of money, working under an employer but being committed for the future and that of their businesses.

He reassured the gathering that NACCUG, through the affiliated credit unions, would continue to inculcate the habit of savings in its members and youth, and also engage the youthful population for meaningful life to complement the efforts of the government of the Gambia. “I would like to conclude by encouraging you to capitalize on this unique opportunity to share experiences and network for a better livelihood,” the Finance and Administrative manager rounded off.