BEREKUM AREA TEACHERS' CO-OPERATIVE CREDIT UNION HOLDS 20TH ANNUAL GENERAL MEETING
The Berekum Area Teachers Co-operative Credit Union (BATCCU) has held their 20th annual general meeting with their shareholders to present to them the financial standings of the Credit Union.
The Board Chairman, Mr Maxwell Antwi-Appiah delivering the Board of Directors Annual Report for the year ending 2018 said, the banking sector has face a lot of challenges calling it industrial epidemic in the country but Berekum Area Teachers Co-operative Credit Union is moving on without any challenges that is being experience by the other financial institutions.
He said though, Bank of Ghana is cleansing the financial sector to sanitize the system but this has lead to panic withdrawal from among customers to withdraw their deposit at the various banks which is affecting innocent banks.
He therefore urged Bank of Ghana to regularise the system but should be in a manner that will not pose a treat to the banking sector.
He said BATCCU membership has shoot to a total number of 8,594. He advised the members to inculcate the habit of saving because it is good to borrow but is better to save which can give an individual a financial independency. He said members of credit union should becareful of people who discourage them from savings not panic whenever there is rumours about the banking sector.
As at the year ending for the past two years BATCCU, has been able to disbursed an amount of Ghc5,703,450.00 as a loans to it's members for the past years which it makes a profit of Ghc2,214,495.58.00 in 2018 as against a profit of Ghc1,880,678.04 in 2017.
The Brong Ahafo Regional Manager of Credit Union Association (CUA), Mr Ralio Bakers congratulated the Board of Directors and the Management of BATCCU for fulfilling their core mandate of organising Annual General Meeting (AGM) every year. He said BATCCU is one of the biggest credit unions in Ghana and that members of the union should support the Board and Management to protect the image of the Credit Union.
He advised the members not to be panic about any challenges that has hit the banking sector like mergers, takeover liquidations and others because credit unions are safe in this direction. He said CUA capital, an investment company of CUA ltd license by Security and Exchange Commission is providing the financial stability to it's members and BATCCU is a member.
Mr Rolia Baker advised the shareholders to practice a regular savings which guarantees to quality loan services.
He retreated that, CUA is prepared to protect BATCCU and also to provide quality services to the credit union which he said will not allow any micro finance Institutions to swayed them from their progress.
He encouraged parents including the youth to practice the youth savings account by putting some money aside which can generate huge funds to support their children education.
The Manager of BATCCU, Mr James Kwaku Yabedo also emphasised that, the credit union which started mainly with teachers and has now accepting community members to be part of the credit union which I am a member to the union. He advised the teachers of the union to boast about the amount of their savings than the loans they have been servicing. He called on the Municipal Education Directorate to introduce BATCCU to the newly posted teachers to the Municipality for all their financial transactions.
He said BATCCU is yet to introduce another product to their services which is "Ridder" to boast the savings attitude of the members. He said, BATCCU has Institute measures to retain customers especially when a customer lost his or her life, the union has provided the opportunity for relatives to take over and continued with the credit union from the past accounts of the deceased relative and with this, it qualifys BATCCU to be a Happ family. This he said will help retain customers to the credit union.
Story by Opamogo Paparichy (Rev) Ghana Berekum B/A
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