By Erica Apeatua Addo
Tarkwa (W/R), Oct. 17, GNA – Minescho Co-operative Credit Union in 2022 maintained its strong financial standing despite the challenging economic conditions faced over the previous year.
The union’s asset base has grown, and it has continued to provide competitive interest rates to its valued clients.
Professor Anthony Simons, the Board Chairman of the Union, disclosed these in his addressed at its 30th Annual General Meeting (AGM) with stakeholders at Tarkwa.
The meeting on the theme: “Celebrating 30 years of Minescho Credit Union: Embracing our Legacy, envisioning our Future,” was to take stock and jointly discuss how to build a resilient credit union.
He disclosed that since the financial space experienced reforms in 2018, with the banking and securities sector clean-up exercise by the Bank of Ghana and the Securities and Exchange Commission, the Union’s liquid investment of GH￠1,000, 902.77 was still locked-up with some defunct Fund Management and Investment Houses.
He said the total assets of the union grew from GH￠16.3 million to GH￠19.4 million, representing 18.75 per cent in the year under review.
Again, the total net loans outstanding at the end of the year under review stood at GH￠10.26 million as compared to GH￠9.1 million in 2021 financial year, representing 12.22 per cent.
Prof. Simons said member savings saw a growth from GH￠14.7 million to GH￠17.08 million, representing 15.65 per cent, whilst member share increased marginally from GH￠1.92 million to GH￠2.1 million, representing 13.81 per cent in the year under review.
He further said the union maintained its interest on loans to members at 1.25 per cent a month on flat rate as approved by members in the 2021 AGM.
“Despite this low interest compared to industry average rate of three per cent per month, the union made a net surplus of GH￠378,128.21 in 2022 as against a net loss of GH￠348,708.00.
We revised our loans policy, modified the features of the loan product to suit our members needs and let me state that several measures have been put in place to ensure that Minescho Credit Union remains resilient and safer place to save your money and do business,” he said.
On membership growth, the Board Chairman, explained that the union had seen a steady increase over the years, saying the trust and confidence shown by members was a testimony to the dedication and quality of services provided by their staff and volunteers.
“We remain committed to expanding our membership base while upholding personalised attention and care that sets Minescho Credit Union apart from larger financial institutions,” he added
He said recognising the importance of staying ahead in the digital age, they had invested significantly in modernising their technological infrastructure, with new and enhanced digital banking platform, making transactions more convenient, secured and accessible to its members.
“While we have achieved significant milestones, we also recognised challenges, including; economic uncertainties, regulatory changes and evolving member expectations are among the factors that demand our attention.
However, with every challenge comes an opportunity, and we are steadfast in our determination to navigate these waters with prudence and innovation.”
When Minescho Credit Union was founded 30 years ago, they embarked on a mission to serve their community, offering a financial haven where members could feel valued and supported.
Over the years, the Union, had embraced its legacy, holding steadfast to the principles that guided its establishment, the Board Chairman recalled.
He said, “We owe our success to the unwavering support of our members, who believed in our vision and entrusted us with their dreams. It is through your loyalty that we have become a beacon of financial empowerment, providing services that cater for diverse needs.”
Our legacy is not just defined by the numbers on the balance sheet; it is etched in the stories of lives we have transformed, the dreams we have realised, and the connections we have fostered.”
“As we celebrate our accomplishment, we must also look forward to what lies ahead. In the next phase of our journey, we envision a future that builds on our strong foundation and paves the way for continued growth and innovation.”
He emphasised that the union would leverage the latest technological advancements to enhance member experiences, making banking easier, faster and more accessible.
Prof. Simons said they would strive to reach out to underserved communities, providing them with the tools and resources needed to build a secure financial future.
Nana Iden Edua, the Kwamankese Apigyahene (sub-chief), who chaired the AGM, commended the board of directors, various committees and staff, for their hard work.
He encouraged shareholders to re-pay their loans as scheduled and also buy more shares to make the union resilient.
GNA