The National Teachers Association of Liberia Credit Union Cooperative Society (NTALCUCS) has announced a net surplus of more than L$20.4 million for the 2025 fiscal year and officially broken ground for the construction of its first permanent headquarters, signaling a new phase in the growth of one of Liberia's fastest-growing cooperative financial institutions.
The achievements were highlighted during the Credit Union's 7th Annual General Assembly on May 29 and a subsequent groundbreaking ceremony on May 30, bringing together hundreds of teachers, government officials, financial sector representatives, and development partners.
A statutory audit conducted by the Cooperative Development Agency (CDA) revealed that the institution generated L$81.47 million in total income during 2025, a substantial increase from L$60.03 million recorded the previous year. The report also showed that the Credit Union closed the year with a L$20.46 million surplus, compared to L$16.14 million in 2024.
More importantly, auditors issued a clean opinion, concluding that the Credit Union's financial statements fairly reflected its financial position and complied with established accounting standards and Liberia's cooperative laws.
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The report was formally presented to members during the General Assembly, where delegates reviewed the institution's performance and discussed plans for future expansion.
Addressing members, NTALCUCS Co-Chair J. McCarthy Yarkpawolo described the Assembly as a critical accountability mechanism that allows members to assess the institution's performance while recognizing individuals whose savings and investments continue to strengthen the cooperative.
The Annual General Assembly is intended to inform members about the institution's yearly progress and recognize top depositors each year, Yarkpawolo said.
He noted that the Credit Union has evolved beyond a traditional savings institution and is increasingly helping teachers address major financial needs.
"Our ultimate goal is to ensure that a teacher's salary is not merely a monthly survival tool but a foundation for long-term financial stability," he said.
According to Yarkpawolo, access to affordable loans has enabled many educators to pursue homeownership, finance their children's education, and meet unexpected medical expenses without resorting to high-interest lending arrangements.
The Assembly also honored outstanding members for their commitment to saving, a practice leaders say remains the foundation of the institution's continued success. Serving as guest speaker, General Services Agency Director General Hon. Galakpai Gortimai challenged educators to embrace the cooperative model as a tool for building wealth and strengthening their economic future.
Drawing on examples from other countries, Gortimai said teachers have historically achieved financial security when they work together to build and sustain institutions they collectively own.
"Liberian teachers have the potential to transform their financial future through collective savings and ownership," he said.
He urged members to view the Credit Union not merely as a place to borrow money, but as a long-term investment vehicle capable of creating opportunities for future generations. The more members save, the greater their returns and financial opportunities become, Gortimai added.
Attention shifted from financial performance to infrastructure development on May 30 when officials and stakeholders gathered for the groundbreaking ceremony of the Credit Union's first headquarters building.
The project is expected to provide a permanent operational base for the institution as membership and services continue to expand across the country.
Speaking on behalf of the Central Bank of Liberia Executive Governor Henry F. Saamoi, Deputy Director for Regulation and Supervision Duyann Mulbah described the headquarters project as a significant milestone for Liberia's cooperative movement.
The Executive Governor embraced the initiative by the leadership to establish a head office for the institution, Mulbah said. An institution with a vibrant membership that is investing in infrastructure sends a strong signal of sustainability and stability.
Mulbah disclosed that the Central Bank has continued to support credit unions and cooperatives through technical assistance and capacity-building programs aimed at strengthening financial inclusion nationwide.
In a gesture welcomed by members, he announced an initial contribution of US$5,000 from Governor Saamoi toward the headquarters project.
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The announcement drew applause from attendees, many of whom viewed the contribution as a strong endorsement of the institution's vision and leadership.
Representatives of the National Teachers Association of Liberia (NTAL), the Central Bank of Liberia, the Cooperative Development Agency, and other partners also praised the Credit Union's steady progress and growing relevance within the education sector.
They encouraged members to remain committed to the cooperative's principles and called for stronger collaboration among stakeholders to sustain the institution's upward trajectory.
For many participants, the two-day event was more than an annual gathering. It served as a demonstration of how collective savings, prudent management, and member ownership can transform an organization from a modest teachers' cooperative into a thriving financial institution with national ambitions.
With a clean audit, record surplus, and construction of its first permanent headquarters now underway, NTALCUCS is positioning itself to play an even greater role in supporting the financial aspirations of teachers throughout Liberia.
