6 June 2017

Gambia: Mrcgccu Registers Steady Growth in Total Assets

The Medical Research Council Unit The Gambia Co-Cooperative Credit Union has registered steady growth in its total assets, scoring an estimated 8 million Dalasis compared to its last financial year.

This was disclosed during the union's annual general meeting held recently. The union, according to officials, also issued out a loan amounting to the sum of GMD40, 748,964 in 2016 compared to GMD33, 788,715 in 2015.

This, they believe, shows a significant increase of more than 20% with a clear indication on the demand for loan from the credit union members.

Addressing the recent annual general meeting, Abdoulie Cham, chairman of the union, revealed that this year's AGM also marks the 20 years of the union's existence.

Held on the theme, "Credit Unions-The Authentic Different", Cham described this year's event as very apt, owing it to the fact that they are unique in the services they provide to the members both locally and internationally.

Cham registered the union's appreciation to NACCUG, Central Bank of The Gambia and partners for making their work and operation very much conducive.

For his part, Ismaila A. Jallow, a treasurer MRCGCCU announced a success story, which for the times saw the implementation of a three-year strategic plan and comprehensive budget allocated for the years 2017 to 2019.

He indicated that the union has been operating since its inception without a budget, and that as they come, no cap was put in place to monitor spending within any financial year thus, making it difficult to justify.

On statutory reserve fund, he went on, the union has accumulated GMD1, 231,089, saying it's a statutory requirement for all credit unions.

These funds, according to him, are reserved as a defense line to account unexpected expenditure that the office may encounter at any period within a financial year.

Professor Umberto D' Alasandro, MRCG unit director commended the union on their 11 years anniversary, saying people coming together is natural characteristic for human being and to stand solidarity to each other.

"I am proud of this credit union because anytime the union receives visitors, they are always amaze with the level of cooperation in the MRCG family and the union is playing that important role", he noted.

Abba Sankara, registrar of cooperative NACCUG and Francis Mendy, a representative of general manager NACCUG, both underscored the significance of credit unions in this new age.

To this end, Sankara thanked MRCGCCU for their achievement, describing it as one of the best unions in the country.

"However, the supervisory committee report of MRCGCCU maintains oversight of the safety and soundness of the credit union through continuous collaboration with staff and board of directors."

The current board, he went on, also registered significant improvements in its general operations and productivity.

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