This disclosure was made during the Union’s Annual General Meeting (AGM) held on Saturday at the NACCUG conference hall in Bakau.
Presenting the audited financial statements for the year ended 31st December 2023 and 2024, Karim S. Darboe, treasurer of the Union assured that the Union will work hard to improve its financial performance in the coming years by improving income generating capacity as well as effective implementation of identified internal controls.
The Union’s objective, as a not- for-profit-making organisation is to provide members with a safe place to save and borrow at reasonable rates, with a focus on their well-being and financial health.
Therefore, Darboe maintained that their focus is to ensure that the Union does not run into deficit, but make surplus to support the operations of their credit union.
He revealed that during the periods under review; net operating income increased from D24.8M in 2023 to 28.1M in 2024 showing 13% improvement in generating revenue for the union with expenses increasing from 19.7m in 2023 to D22.5M in 2024.
Darboe also revealed that the MHSCCU liquidity ratio also moved from 10% in 2023 to 27% in 2024, showing 17% increase in liquidity, saying due to their liquidity position, the Union was able to spend D9.9M in 2024 to support the construction of Kaur Lodge, which he said, is planned to start operation before the end of 2025.
To improve the Union’s liquidity, Darboe called on members to continue contributing their timely monthly deduction and loan repayment as is in line with their standing order.
He equally encouraged members to improve their savings in order to serve as self-guarantor in situation when they are in urgent need of money to solve their problem.
