Mar 25, 2008, 5:25 AM
Sofora Co-operative Credit Union on Sunday held its fourth annual general meeting during which the union’s new office complex, located at Bundung Six Junction, was also launched.
Speaking on the occasion, Safiatou Sanneh, chairperson of the credit union, said that during the year under review, Sofora has registered tremendous progress, as the savings of members have increased from D1 million in December 2013 to D1.7 million in December 2014, representing a growth rate of 68 per cent.
The union’s membership has also increased from 164 to 198 members, Ms Sanneh said, while calling on more people to join the union, for the growth and progress of a credit union depends on the strength of its membership.
Speaking about the new office, she said it will facilitate better service delivery of the credit union.
Edrissa Bojang, chairperson of the board of directors of National Association of Co-operative Credit Unions of The Gambia (NACCUG), expressed appreciation over “the tremendous strive being made” by Sofora Credit Union.
He said the new office of Sofora “will undoubtedly” help the union to fully run its transactions as expected.
Mr Bojang, who was the guest speaker on the occasion, urged members of Sofora to always analyse critically before taking loans and measure what impact the loan will have in their lives
“Do not merely take loan because you want to get money, invest the loan into something productive and sustainable,” he said.
Mr Bojang told members of Sofora to embrace savings culture as that could ensure financial independence.
Aba Sankareh, registrar of co-operatives, said the principal mission of any credit union is the continuous promotion of savings to improve livelihood of its members.
The treasurer of Sofora Credit Union, Momodou L. Sanneh, said the year 2014 was “a good one” for the credit union, adding that the financial performance and the growth of the union has been impressive.