MHSCCU makes D2M profit over twelve months

Malang N. Fofana was speaking on Saturday at the MHSCCU 2022 Annual General Meeting held at the National Cooperative Credit Union of The Gambia (NACCUG) office in Kanifing.

The event was held under the theme; “People Helping People for Economic Progress.”

Fofana also revealed that the MHSCCU is now paying salaries of several health institutions and has also implemented a project with NaNA, as a payment service provider for the Nafa cash transfer programme with over 7,000 beneficiaries in Central River and North Bank Regions.

He said these and other activities are expected to increase the union’s revenue sources and further consolidate their financial position, recalling that the 2022 accounts were audited by Foresight Chartered Certified and Management Accountants.

Fofana also noted that in their efforts towards facilitating the operational efficiency and outreach of the Credit Union, the Board has embarked on expansion of branch offices with a view to addressing challenges members are facing.

This, he said was in pursuit of their outreach expansion drive and bringing services to the door-step of over 7,000 members.

Towards that drive, he said three new branches were commissioned in 2022 ; Tallinding, Bwiam and Basse, while others such as Soma is in progress.

“The MHSCCU benefitted from DSIK Grant amounting to GMD 2.6 million which was disbursed as an SME scheme to 18 members (13 Females and 5 Males) involved in various businesses.” he added.

For her part, Agnes Njie-Gomez, general manager at MHSCCU, disclosed that their drive to improve quality service delivery is underpinned by maximum member satisfaction. They have therefore recruited tellers who are committed to their duties and deeply believe in the philosophy of ‘sharing and helping one another.’

She also disclosed that they introduced Consumer Loan products in 2022 resulting in a significant rise in loans and revenue, with an increased overall loan amount from D117 in 2021 to D189 million in 2022, exceeding expectations.

Njie-Gomez revealed that their success is largely due to the commitment of the staff, the Board, the supervisory committee and the loans committee.

To that end, she thanked the outgoing board members for their commitment in excellent service delivery.

Presenting the 2022 annual report, Lamin P. Fofana, the outgoing treasurer of board of directors, pointed out that their accounts show revenue generated through interest on loans and sundry incomes amounting to D16, 631,007.00 for 2022 compared to D13, 828,239.00 for 2021, resulting in a 21% growth in revenue generation.

He also reported that net operating income grew from D15, 217,213.00 in 2021 to D17, 437, 937.00 in the 2022 financial year, representing a 15% growth in net operating income.