The future of credit unions in the country looks bright, so says the Tamale Presbytery Cooperative Credit Union (TPCCU) manager, Mr. Moro Adam. His optimism stems from recent moves by the Bank of Ghana to oversee accreditation and licensing of cooperative societies.
Mr. Adam who was addressing the media at the Annual General meeting of the union, commended the BoG for the move, adding that the move will minimize the effects of fraudulent activities in the credit union sector.
He further acknowledged the huge prospects of technology to transform quality financial services delivery to members. This he says needs time, patience and resources for a successful technology revolution in the sector.
Some big banks for instance, he noted, are yet to go completely digital because comprehensive education on technological processes on the part of service providers and clients seems to be in some form of challenge.
Touching on the strengths and weaknesses of the financial and audit reports, Mr. Adam indicated that the picture as painted by the financial statements and the audit reports demonstrates massive growth from the 2016 report. He identified loan delinquency and short-term withdrawal of savings as the major weaknesses of the report which further affect the downward growth of cooperative societies.
He therefore used the opportunity to underscore the need for members to acquire shares of the unions to become owners and ensure rapid growth. Board chairperson of the TPCCU, Mr. Moses Mumuni Mahama indicated that key among the mandates of the union is to provide members up-to-date financial and audit reports of the union.
This, he said enhances transparency at both management and board levels on the operational details of the union. He underscored the need for greater solidarity among union members to ensure that no member is not left alone in terms of difficulty.
By: Abukari Jamaldeen