Malang N. Fofana, chairman of the board of directors, stated that the event was a statutory requirement for good governance, accountability and transparency.
He stated that the union maintains its fundamental responsibilities of safeguarding members’ savings and availing low interest rate loans to members as evidenced by increases in the union’s savings and loan portfolios.
He added that they have embarked on expansion of their branch offices with a view to addressing access challenges members face.
He added that in their pursuit to making the credit union’s loan products more affordable and competitive, they have reviewed the monthly interest rate of 1.25% applied to the personal/normal loan and has now streamlined all loan interests to 1% monthly.
Lamin P. Fofana, the Union Treasurer stated that their accounts have shown that net operating income tallied D15, 217, 213.00 for the year 2021 compared to D 11, 461, 846.00 for the year 2020 resulting in 33% growth in net operating income. He noted that for the year 2021, revenue generations through interest on loans amounted to D13, 828, 239.00 compared to D12, 901, 185.00 in 2020, reflectinga 7% growth.
He disclosed that for the year 2021, the union registered a net surplus of D414, 360.00 compared to a surplus of D3, 294,151.00 for the year 2020 - reflecting a drop from 2020 results by 87%.
He added that the drop in surplus was due to an increase in activities geared towards addressing growth, expansion and resilience challenges which were restricted in 2020 due to the Covid-19 pandemic.
However, he said that the union has procured land at Kaur in Central River Region North with plans of building a lodge to generate additional revenues for the union.
