21 August 2017

Gambia: GPFCCU Holds 18th AGM

The Gambia Police Force Cooperative Credit Union (GPFCCU) recently held its 18 Annual General Meeting (AGM) on the theme: "The Authentic" Differences" at a ceremony held at the Lower River Region.

The union was established few years ago by few police officers, who at the time saw the need to set-up such a union to respond to the financial plight of officers.

Some years on today, the union continues to make a big diffrenece by responding to the plight of police personelle especially that wait for long hours at the commercial banks only to apply for overdrafts.

Addressing the gathering, Lamin A. Camara, deputy permanent secretary at Ministry of Interior on behalf of the minister, said over the years GPFCCU has seen rapid growth and development in almost all the sectors.

He therefore, challenged the board of directors to design products and services according to the need and aspirations of members and at competitive rates.

"I must also commend the board for expanding their services across the length and breadth of the country by establishing brances with other big credit unions that will help our members have easy access to their financial needs on time without spending much on transports fares to the Greater Banjul area for transactions," he added.

For his part, Habibou Sanyang, the chairman of the GPFCCU, spoke at length on the significance of the forum, saying the activities for the year under reviewed have been always a challenging one.

"Yet we have not relented to ensuring that member's satisfaction progress, quick service delivery and the growth of the credit union has not been compromised at any level".

Savings

Commenting on the issue of savings, Sanyang indicated that the union has registered steady growth in their savings from D99 million in 2015 to D106 million in 2016 - an increase of 7 percent.

Loans

He disclosed that the union also continues to undertake a careful assessment of each single loan on a case-by-case basis to ensure that members' savings and creditors are not exposed to unnecessary risks.

According to him, the loans have increased from D91 million in 2015 to D101 million in 2016, which is about 12 percent increment. This, he noted, was as a result of providing more services to members to boost up their demands driven products in their livelihood.

In its effort to recover loans GPFCCU money from defaulters, Sanyang indicated that the committee is working tireless to make sure that the borrowed money is returned to our coffers. "The committee is happy to report that it has recovered about Two Hundred and Twelve Thousand Nine Hundred and Thirty Seven Dalasi Thirty-Three Butut (212, 937.33).

The Finance and Administrative manager of the NACCUG, Patrick Mendy said the growth of any financial cooperative lies in her ability to maintain quality financial position in order to reduce possible financial risk.

The financial statements, he went on, showed an increase in equity from 46 million to 58 million as at 31st December 2016.

He thus commended the board for what he called "judicious management of funds and the membership for taking ownership of your own destiny".

"This will undoubtedly help to add value to the credit union and your quest to deliver better service to the members," Mendy noted.

Modou Gaye, the commissioner of Operations on behalf of the IGP, dwelled on the significance of the union and challenged board members to give out loans to it members.

He also called on the board to strengthen their social responsibilities so as to improve the livelihood of its members by coming up with designed products that will boost members of the union.

Gambia

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