Board Chairman of Western Chamber Co-operative Credit Union Limited (WESSCU) has announced its acquisition of a specialised software which gives immediate information on members.
Richard Bentil said the software is to help members to know their financial standings on time and encouraged members and non-members to cultivate the habit of saving to help members and individuals when they require support or are in dire need.
Mr. Bentil also stated that WESSCU is poised to open more branches across the Western Region as there are only two branches operating at the moment.
WESSCU growing steadily from year to year since its inception in 2011 with its assets increasing from GH608, 523.99 in 2015 to GH675,381.27 in 2016 representing an increase of 11%.
“Total savings also grew from GH775, 966, 26 in 2016 as against GH735, 525.80 showing an increase of 5%. Total shares also increased from GHc68, 567.42 last year as against GHc61, 070.09 in 2015 representing an increase of 12%.
“Again, income grew from GH249,132.25 in 2016 as against GH184, 719.00 in 2015 showing an increase of 35%. Loans granted to members rose from GH998,018.94 in 2015 to GH1,064,698.07million in 2016 showing an improved increase of 8%” he disclosed.
This came to light during the Annual General Meeting (AGM) of WESSCU at Elubo in the Western Region on the theme “The role of credit unions in community development”.
Mr. Bentil also hinted that the Union has assisted some of the members to establish their businesses as well as helped other small and medium enterprises to expand and sustain their businesses.
“We have also assisted our members in purchasing vehicles used for commercial purposes,” he said.
He, however, noted that some members who acquired loan facilities do not pay on schedule and encouraged members to constantly repay their loans on time.
“The board and other committee management may not have any option but to take unorthodox means to retrieve locked-up monies from all recalcitrant defaulters if the situation continues” Mr. Bentil added.
Western Regional Manager of Credit Union Associations (CUA) Godfred Adanuty, congratulated WESSCU for the improved performance over the previous years
“You should know that you are the owners of WESSCU so far as you own shares – whatever profit the credit union makes belongs to you as members. Save gradually to get profit on your savings and be able to fall on your money when you need a loan to support your business,” he said.