This was disclosed last Saturday 9th August during the union 26th Annual General Meeting (AGM) held at the National Association of Cooperative Credit Union The Gambia conference hall in Bakau.
Similarly, the union’s income also rose to D40,754,286 from D38,092,601 in 2023, registering interest amounting to D2661685.
Presenting his financial statement for the year ended 31st December 2024, Ebrima Darboe, board treasurer for the GPFCCU, outlined that interest expenses also decreased to D3,406,168 in 2024 from D4,425,965 in 2023.
During the year under review, he said the credit union recorded a robust performance, maintaining financial sustainability while fulfilling its mandate in terms of supporting members, among a host of others.
He, however, acknowledged that there has also been a mild decline in the net surplus for 2024 to D2,690,316 from D2,996,915 in 2023, saying their cash and bank balances have also increased from D50,953,471 in 2023 to D74,530,076, which is a 46.27% increase.
This, he said, indicates that members' confidence in the credit union is increasing immensely, thus encouraging members to continue depositing more with the credit union.
“For most of our members, the credit union has become their lifeline, where they can now put in their life savings without any hesitation.
Our investment portfolio during the year under review grew from D64,792,344 in 2023 to D108,706,849 in 2024, which is 68%,” Darboe revealed.
Commenting on the core values of the union, Mr Darboe revealed that the GPFCCU aims to strengthen its financial base, diversify its loan portfolio, and improve member services which a focus on expanding its digital financial services, enhanced savings mobilization and stronger loan recovery mechanisms.
Darboe also explained as to why two board members had to travel to China, mainly to purchase motorbikes which he said was much cheaper compared to the local vendors.
Ebrima Bah, Assistant Inspector General (AIG) of The Gambia Police Force, who spoke on behalf of Inspector General of The Gambia Force, emphasized the importance of financial independence, highlighting that this can only be attained through business venture that generates reliable cash flow for members.
AIG Bah also encouraged GPFCCU management to offer members training on personal finance, budgeting and business management to enhance their financial literacy.
He made reference to the popular adage that ‘knowledge is power’, adding that this also applies to financial management so far as it does to all other human endeavor.
“In fact, increased financial literacy corresponds to better decision making in other aspects of life,” he said.
However, the AGM witnessed question-and-answer session on issues of concern.
