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Police credit union registers D99M savings

Jun 29, 2016, 1:34 PM | Article By: Abdoulie Nyockeh

The chairman of the Gambia Police Force Co-operative Credit Union, Habibou Sanyang, has revealed that, during the year under review, the police credit union had seen their savings increase from D88 million in 2014 to D99 million in 2015.

This was an increase of about D11 million, which translates to 13 per cent, he announced.

Chairman Sanyang made this statement while delivering the chairman’s report during the 17th Annual General Meeting of the Gambia Police Force Co-operative Credit Union (GPFCCU), held at the Paradise Suites Hotel on Saturday.

In his report, the chairman stated that the theme for this year AGM: “Credit union shared branching-deepening financial inclusion through cooperation among cooperatives” could not have come at a better time, when as a credit union they “are trying to intensify their network” to reach to a wider membership from all the four corners of the country, and to ensure financial accessibility within the areas they live.

According to Mr Sanyang, the police credit union would “continue to thrive” as a credit union, while serving the interest of their members “who are the only reason why we continue to exist”.

“This does not happen in a vacuum,” he said, adding that the members must take ownership and invest in their institution, “which is the only way forward in the face of fierce competition”.

Regarding police credit union membership growth, Mr Sanyang said that in the year under review, membership grew from 8,900 as at 31 December 2014 to 9,947 as at 31 December 2015, representing a growth rate of 12 per cent.

On loan to their members, Mr Sanyang stated the police credit union would continue to undertake a careful assessment of each loan on a case by case basis, to ensure that “members’ savings are not exposed to unnecessary risks”.

In the same vein, he noted, the police credit union had seen an increase in loan from D83 million in 2014 to D91 million as at 31 December 2015, which is about 9.6 per cent.

“This is a clear testimony that our members still cherish the products and services we are offering, but there will be no room for complacency,” he said.

“Innovation and research through the members will continue to enable us design more demand-driven products and services.”

Also speaking on the occasion, the deputy Inspector General of Police, Momodou Sowe, thanked Allah for His benevolence and mercy in enabling them witnessed another AGM to take stock and celebrate the landmark achievements registered by their own credit union. 

Deputy IGP Sowe explained that the police credit union consists of the Police, Immigration, Fire and Rescue Services, Prisons and Drug Squad, adding that all the departments of the Ministry of the Interior came together to create a credit union.

He said the year under review showed their assets increased by 16 per cent; “that is, the union total asset is D147,629,650 in 2015 compared to D126,791,790 in 2014”.

He said: “We must not, therefore, rest on our laurels until we put in place those structures and service-delivering mechanism that will continue to attract more and more members,” he said.

The guest speaker on the occasion, Minister of the Interior Ousman Sonko, spoke about the importance of the AGM, which shows how their monies are used and how their members are served.

He also said the AGM was held to review their services for transparency and accountability, and to continue focus for services.

The Interior minister also stressed the need for financial discipline which, he said, is important for every member of the police credit union.

The minister also commended the board of directors, the management and the staff of the police credit union for their hard work in continually registering successes, as reported by the chairman.

The Interior minister further said the theme of the AGM was apt as it would enable members to access their money anywhere they are posted without traveling far.

The Minister assured them that his ministry would always be available to give assistance to the police credit union, “as long as it is in the interest of the members.”