#National News

MHSCCU disburses over D91M to members in 2020

Dec 14, 2021, 12:38 PM | Article By: Adama Tine

The chairman of the Medical and Health Services Co-operative Credit Union, Mr. Malang .N. Fofana, on Saturday during the Union’s AGM has disclosed that the Credit Union in 2020, has disbursed Ninety One Million, Nine Hundred and Eighty Seven Thousand, Four Hundred and Sixty Five Dalasis and Twenty Two Bututs (91, 987, 465.22) to 3,364 members.

He added that in 2019, the Union also disbursed Seventy Nine Million,Fifty Eight Thousand and Four Dalasis and and Seventy Two Bututs (D79, 058, 004.72) to 3,508 members.

“This year’s AGM is unique as it encompasses audited financial reports for two years; 2019 and 2020. The threats posed by the COVID-19 pandemic has led to the suspension of all public gatherings including the postponement of all AGMs as recommended by the WHO and the Ministry of Health,” said the Union’s Chairman.

According to Mr. Fofana, the years 2019-2020 had been solid performing years for the Credit Union, with members placing their trust in the Medical and Health Services Cooperative Credit Union.

He added that for the years under review, the Credit Union reported surpluses of Three Million, One Hundred and Ninety Six Thousand, One Hundred and Thirty Seven Dalasis (D3, 196, 137.00) in 2019 and Three Million, Four Hundred and Sixty Three Thousand, Six Hundred and Five Dalasis ( D3, 463, 605.00) in 2020.

Furthermore, he said, the MHSCCU’s overall balance sheet grew by Twenty Nine Million, Three Hundred and Sixty Three Thousand, Seven Hundred and Seventeen Dalasis (D29, 363, 717.00) in 2019 resulting to 35% growth compared to 2018.

“In 2020, the overall balance sheet grew by Twelve Eight Million, Four Hundred and Thirty Eight Thousand, Nine Hundred and Ninety Eight Dalasis (D28, 438, 998.00) resulting to 25% growth compared to 2019,” Fofana revealed.

Putting more emphasis to members of the union, the chairman said the Credit Union maintained its fundamental responsibilities of safeguarding members’ savings and availing low interest loans to members as evidenced by the growth in the Credit Union’s Savings and portfolios.

Part of the key activities successfully undertaken in 2019-2020 he said include: the procurement of a standby generator for the MHSCCU HQ; recruitment of seven additional tellers; recruitment of a Finance and Admin Manager; recruitment of two security guards as well as security PIU armed men; installation of a CCTV camera at the HQ; procurement two fleets of vehicles among others.

For Agnes Njie Gomez, general manager of MHSCCU, said since the construction of a water borehole and procurement of a standby generator, there has been consistent water and electricity supply at the MHSCCU Headquarters and this has strengthened service delivery to our beloved members in a more efficient manner.

She added that the two vehicles procured has enhanced our routine services including facilitating timely bank transactions, sensitization and payment of loans and salaries across the country among others.

With the recruitment of more staff, she went on, the turnaround time at any of our delivery points has greatly improved and this has been commended by many of our esteemed members.

“On behalf of the management and staff of MHSCCU, I want to reaffirm that we would be very committed to making our Credit Union the largest in the country where members will continue to benefit from a wide range of products and services that are competitive but of high quality as well,” she assured members of the union.

As a body instituted to oversee the activities of the union, the Supervisory Committee reported that the supervisory committee of the ministry of health co-operative union was tasked with responsibilities to review efficiency and effectiveness of the operational activities of the union for the period under review.

The committee stated that even though 2019-2020 was a challenging period with the advent of COVID-19 which affected all aspects of businesses and transactions in great detail, achievements were registered as well as setbacks which required adjustments to improve the weaknesses noted and set benchmarks and best practices.

The years 2019-2020 calendar period under review, the report indicated, the supervisory committee had held all their quarterly sittings successful, engaging all stakeholders on matters arising as per sitting and express opinions on divergent views in order to strengthen internal controls and make recommendations on weaknesses noted respectively.

According to the report, MHSCCU had made achievements such as: the increment in membership was noticed on continuous basis throughout the period under review.

The report also noted that members’ salary transferred to the credit union was encouraged in some hospitals and the ledger fee as per salary transaction is at a minimal rate.

The report also said that the union has also contributed immensely in the fight against COVID-19 through provision of items to health workers and patients.

Bad debt recoveries on respective loans issued to members the report added, was positive and doubtful debt were noted as well, which are likely to be written-off due to their unlikelihood of recovery.

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