UEW Co-operative Credit Union experiences steady growth
The Board of Trustees of the University of Education Winneba (UEW), Co-operative Credit Union assured members and stakeholders of the union of the security of its operations.
Stakeholders must therefore maintain the trust they have in the Union and its leaders.
Dr. Bernard Bingab, Chairman of the Board, gave the assurance in a speech at the 20th Annual General Meeting (AGM), from the credit union’s headquarters in Winneba.
The meeting assessed the performance of the Union for the years ending: June 30, 2020 semester, to December 2020 and January to December 2021.
He announced that the net surplus of the Union for 2021 amounted to 3,478,945.62 GH¢, against 1,350,525.59 GH¢ recorded in 2019, or 158%.
They also paid interest of GH¢1,715,926.62 in 2021 on members’ savings, compared to GH¢808,183.55 paid in 2019, which is a gradual increase, while they were able to pay interest of 1,715,926.62 GH¢ in 2021.
According to him, savings increased from GH¢14,070,172.27 in 2019 to GH¢34,203,614.54 in 2021, saying that despite the large increase in the savings portfolio, savings retention was 81 .76% in 2021.
The Union, in two and a half years, was able to advance 100,236,920.38 GH¢ in the form of loans to members against 19,427,249.44 GH¢ granted in 2019.
He said that despite frequent member withdrawals, the Union has made significant progress in building its investment base after satisfying member loan demand.
“Our investments representing 21.7% of our total assets comply with the Bank of Ghana’s minimum 20% requirement which resulted in GH 10,718,568.20 compared to GH 4,381,793.76 ¢ in 2019, the president revealed.
Dr. Bingab said the credit union’s total assets in two and a half years have grown from GH¢49,315,387.81 in 2019 to GH¢19,697,846 in 2021, an increase of 150% for the year under review.
He announced that as a result, the UEW Co-operative Credit Union limited maintained its position as a large credit union and the 6th largest credit union out of 500 credit unions in Ghana in terms of asset size .
He congratulated the members for their continued immeasurable support and contributions that have brought the Caisse populaire this far.
“We have also proposed a 7.5% and 17% stock dividend for the 2019 half year through fiscal 2020 and 2021 respectively, paying a 15% stock dividend for 2018/2019 in October 2019,” said the chairman of the board.
A total of 14,454 members had minimum shares as of December 31, 2021, with total shares of GH¢5,707,783.38, an increase of 168% from the 2019 total shares of GH¢2,130,155.83, did he declare.
He thanked the members who bought more shares during the years under review and also encouraged those who have less than the minimum share capital to buy at least the minimum, to enable the Union to continue doing business. with them regarding the Credit Union Act, LI 2225 (2015).
As part of the union’s corporate social responsibility during the year under review, the UEW credit union donated personal protective equipment (PPE) to the municipal health directorate of Efutu and the Central Regional Hospital (Winneba Specialist and Trauma Hospital).
“We also supported Akenteng Appiah Menkah University of Vocational Training and Environment Development (AAMUSTED), Kumasi campus with three 3-in-1 patient waiting chairs, Mampong campus with eight 3-in-1 Patient Waiting Station and sponsored Best Business, Technology and Agriculture Student Awards at UEW,” said Dr. Bingab.
He also sponsored the 2020/2021 Farmers Day in Efutu with an amount of 67,232.15 GH¢ among others.
“In addition to our success, the credit union has a number of challenges, including delays in releasing funds deducted from members’ payroll on behalf of the union, as this has affected the union’s revenue-generating ability throughout. year round,” he added.