UG Co-operative Credit Union makes GH 5.6 million profit in 2016/17

Accra, The University of Ghana Credit Union has recorded more than GH 5.6 million total net surplus in the 2016/2017 financial year.

The Union also made a return of 8.16 per cent on average assets as against an operating standard of six per cent.

This was said by Mr Francis Fiayiya, the Manager of the University of Ghana Co-operative Credit Union during an Annual General Meeting of the Co-operators held in Accra.

Mr Fiayiya announced that loans stock of the Union grew by 19.92 per cent, adding that; “the current loan portfolio stands at GH 42,515,525.78, representing 55.4 per cent of total assets, which is below the maximum national operating standard of 70 per cent assets”.

He said the growth in membership and transactions called for the computerization of the operations of the operations of the Union, which had boosted the Union’s performance and increased member confidence.

He indicated that the Union would be introducing mobile technology into its operation to make it even more customer friendly for easy transactions and profitability for the Union.

On his part, Dr Jonathan N. Anaglo, the Chairman of the Management Board of the Union, said the Board considered members’ request and had therefore extended loan repayment period to give flexible repayment tenure to members.

Dr Anaglo declared that 37 per cent of the profit thus over GH2 million as dividend to be paid to all co-operators, which he said resulted in GH0.22 dividend per every GH1.00 share held – the highest dividend on shares in the country.

He however urged members to voluntarily increase their shareholdings to help strengthen the financial base of the Union, whilst calling on the public to look out for genuine co-operatives to handle their finances.

He indicated that the Union was in the process of procuring new operational software to help make its Flexy Account, more implementable and also reduce the waiting period in the banking hall.

It is envisaged that the new software coming in full operation, our Flexy Account would be implementable, paving way for members to operate full current accounts in addition to receiving salaries through the Union, Dr Anaglo added.

Mr Jacob Yaw Kenyenso, the Assistance Manager of the Union, said the Union, which is the biggest credit union with total assets of GH 77 million in the country and pays the highest interest on savings and also has very low interest on loan.

The Union has membership of over 6,600 from 26 institutions comprising staffs of Ghana Institute of Journalism, Ghana Technology University College, Ghana Institute of Management and Public Administration, Muslim University, Pentecost University College, Winsconsin University College, Ghana Institute of Languages, University of Professional Studies, Accra, and University of Health and Allied Sciences, Ho.

He said the Union was still admitting credible institutions with at least 50 staffs and above, adding that deductions for the contribution for the Union were strictly done from source (salary) where the institution would serve as a guarantor.

He urged all interested institutions to contact the secretariat to register their staff to also enjoy the benefits enjoyed by University of Ghana co-operators

Source: Ghana News Agency