‘2019-2020: NACCUG saving increases from 1.3B to 1.5B

Jun 10, 2021, 12:13 PM

The chairperson of the National Association of Cooperative Credit Union of The Gambia (NACCUG), Alieu Bittay has disclosed that NACCUG’s saving during the period increased from D1.3 billion in December 2019 to 1.5 billion in December 2020 representing a growth rate of 19% .

“In effect, GMD 256,625.49 million was registered as growth in savings representing 256% of the annual target of GMD 100million.”

According to the chairman’s report, during the period under review, membership grew from 78,511 in December 2019 to 88,336 in December 2020, representing a growth of 13%. In effect, a net growth of 9825 new members was registered during the period under review, representing 98 percent of the annual target of 10,000 new members.

He made these remarks over the weekend during the 27th Annual General Meeting (AGM) of NACCUG held at NACCUG head office in Kanifing.

He said as part of its commitment to hire, train and retain qualified personnel, pursuant to pillar 2 of their strategic plan, NACCUG supported staff members during the years under review to pursue professional training relevant to their areas of operation.

The theme for this year’s AGM was; “Managing Credit Unions in an Era of a Global Pandemic”.

Representative of The governor of Central Bank of The Gambia, Ciyaka Bah, said the credit unions have been growing considerably in terms of total assets, reaching over D1.5 billion and D1.2 billion respectively in 2019 and 2020.

As at December 2020, there have been up to 54 cooperative credit unions affiliated to NACCUG with a combined membership of 97, 465. The Central Bank is the body responsible for regulating credit unions over the years indirectly through the Apex body NACCUG, thus considering the level of sophistication of the large credit unions, there is an urgent need to subject them to direct regulation and supervision by the CBG.

He thanked NACCUG board for organising the year’s AGM in line with good corporate governance and assured them of The Gambia’s Central Bank support and commitment to advancement of credit unions in the Gambia.