Paga (UE), Dec 5, GNA – The Organisation for Indigenous Initiatives and Sustainability (ORGIIS) -Ghana, a Non-Governmental Organization, has launched a new credit union to assist women groups in the Kassena-Nankana West District with Small and Medium Enterprises (SMEs).
Known as “ORGISS Women’s Cooperative Union” would among other things provide credit facilities to women groups to address the challenges associated with accessing loans from financial institutions and enable them to expand their businesses.
Speaking at the launching of the Credit Union, at Paga in the District, Mr Julius Awaregya, the Coordinator of ORGIIS -Ghana, indicated that the formation of the Credit Union was born out of the banking crisis that hit the country early this year leading to the duping customers and traders by some private financial institutions.
“Such negative development led to the collapse of many of our women groups businesses and thereby affecting their livelihoods and their dignity and as an NGO which has been working with these women groups felt it and decided to form this Credit Union to rejuvenate their businesses”, Mr Awaregya stressed.
The Kassena-Nankana West District which is closed to the border town of Burkina Faso is noted for its vibrant nature in SMEs as majority of women groups in the area engage in the sector but when it comes to accessing credit facilities from financial institutions to assist them expand their business activities it becomes a major challenge.
The Coordinator explained that in order to curtail the exploitation of some fraud financial institutions that were defrauding the women groups, his outfit started floating shares in September 1, 2020 aiming at making credit funds readily available to support the women groups.
Mr Sylvestor Tibambuya Tangom, the Chairman of the Board of Directors, stated that while the operational areas of the new credit union had been classified into six areas namely Pinda-Piokwaga, Buru, Chiana, Paga, Pungo and Koligo, plans were also in place to upscale the Credit Union operations the remaining places in the District.
The Chairman stated that for now, the products of the Bank would include Shares, Saving Loans, Fixed Deposits, Agribusiness, Irrigation mechanization and Enterprise Support, and noted that the Union had opened accounts with the Agriculture Development Bank and the Fidelity Bank to facilitate its business and financial transactions.
Mr Tangom who stated that the Credit Union for now had constituted four committees including the Board, Education, Supervisory, and Loan, also announced that the core objectives of the Union was to grow the living standards of the members, their families and the local economy of the District.
Mr Gerard Atoagye, the District Chief Executive for the District, who lauded the efforts of ORGIIS-Ghana for establishing the new financial institutions, stated that it would help promote the welfare of the women and their families and contribute to the development of the area.
GNA