The Medical Research Council-The Gambia's (MRC-G) Credit and Workers' Union, organized a joint Annual General Meeting during the weekend.
The event, which was held at the MRC-G Unit in Faraja, was themed "Digital Revolution Efficiency to Engender a Culture of Compliance in Credit Union Operations towards a More Resilient Credit Union Movement" and "Unity and Progress to Improve Staff Well-being."
Speaking during the AGM, the Chairperson of Credit Union Lamin Bojang said no institution can function without proper guidance, and that is why they have taken the task of reviewing or creating policies to ensure the smooth operations of their Credit Union.
"We are thrilled to announce that several important policy documents have been reviewed and ratified during a three-day retreat which includes death or permanent disability, loan policy, a retirement package, strategic planning, and other policies, for 2024 to 2028," he said; adding that the policy documents will be helpful for office operations of the credit union and will also guide members in understanding how the union works.
In presenting the Union's financial performance to members at the AGM, Saidina Baboucarr Ceesay, the Treasurer of Credit Union said the financial statements at hand were audited and certified by independent external auditors such as Foresight Accountancy and their Audit Partners.
According to him, steady and sustained growth in member savings in terms of financial performance and positioning, has been observed over the year ended 2022, increasing from GMD111,526,429 to GMD118,319,754.
"Loans disbursed moved from GMD110,645,710 to GMD105,213,673," he said, adding that the net operating income of GMD7,089,553 was realised and a total operating expense of GMD4,495,053 culminating into an impressive net surplus amount of GMD2,594,500.
He said that overall, the total value of the Credit Union grew by almost 6% during 2022, with total assets increasing to GMD144,625,442 from GMD136,291,807 in 2022.
On his part, the Treasurer of the MRC-G Workers Union, BaboucarrTouray in his intervention, said the day-to-day operational activities of the Union were funded through monthly member contributions of D50.00. He said the Union has no other sources of income, and members contribute an additional D50 towards a solidarity fund which is dedicated to supporting staff families seeking medical attention, primarily for overseas treatment. He said this fund is jointly managed by the Union's executive committee and MRC-G management. He disclosed that as of 30 April 2024, the Union's account balance at GTBank was D509,000 while the solidarity fund which is held at the Trust Bank, is D3m.
He said the Workers Union's core expenses include administrative costs such as salary for the Union's office administrator and an intern who assists the office admin; welfare support for members admitted at the hospital; honorarium payments to retirees; logistic costs which include payment of night allowances to members, and travel/credit refund for executive meetings. However, he pointed out that most expenses were covered by the Credit Union's account, where they deposit D10,000 monthly from member contributions, the remainder of which is sent to the utility account at GTBank which has a current balance of D19,000.
"Since the current executive took office, there have been no capital expenditures incurred. The Union has not embarked on any major capital expenses over the past two years, because our income stream does not allow us to fund such initiatives frequently," Touray concluded.
Modou Mbye, the Chairperson of MRC-G Unit's Workers Union described the meeting as extraordinary as it gathers staff for a common purpose through unity and togetherness.
According to Mbaye, staff motivation is one of the fundamental pillars that the workers' union will strive to achieve for members through promotion and provisions.
Mr Mbaye emphasized the need to enhance staff welfare as a crucial engine for the growth of institutions.
"As a workers union, we are very much concerned with the development of our staff and their welfare is a great concern to us most especially, those posted in rural Gambia," he said. He said MRC-G supports staff in all areas of their development ranging from research, development, medical and other areas of support.
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Mr Mbaye acknowledges the good work of credit union in putting a value on member earnings and in supporting them financially. The Chairperson of the Workers Union urged members to access the Union on any challenges because the union is mandated to serve the interest of all members.
Masanneh Ceesay, the chairperson of Gambia Trade Union said it is key for staff to form Unions that will promote their well-being and support their interest at all costs, and said workers should organise themselves into groups to enhance their unity and promote their interests. He added that to enhance healthy institutions, workers' needs should be provided for, for the betterment of the workplace. He said empowering staff and strengthening workers' ability to perform well at work as well as motivating them, will ensure that the task at hand is accomplished in due time.
Other speakers at the AGM include Mr. Alagie Kuyateh, the general manager of NACCU. He urged other institutions to emulate MRC-G Credit Union after commending their leadership in safeguarding the trust of their members and supporting them financially.
