By Prince J Musa in Kenema
The Kenema Cooperative Credit Union can now boast of eighteen thousand eight hundred and forty-seven new Leones as savings from contributions made by its members. The amount was made known in the presentation of the financial report at the union’s second Annual General Meeting (AGM) held on the 23rd of September 2023.
The meeting saw the updating of the union membership about the operations, achievements, and challenges they’ve been facing as a union over the past years, and discussions on mapping out development strategies.
The Manager of the Cooperative Credit Union, Mohamed Jalloh described their setup as a vehicle for the alleviation of poverty of its members which at the end of the year, 40% interest from savings generated is deposited into members’ individual accounts as dividends.
Jalloh explained that the union saves its contributions at Apex's Bank just in case they encounter challenges they could be salvaged by the financial institution. He pleaded with the public and members to invest with the union as a way to help get access to capital.
The Chairperson of the AGM who is also the union’s board Chair Haja Fatmata Dassama said the cooperative started with a small membership, and because of proper management system and accountability, the union now has over one hundred and eighty-two members saving monies with the union.
Dassama encouraged the public to join the credit union in connection, and said “As a board, we will continue to do our best in making sure that more facility and more people trust the Kenema cooperative credit union’’.
She said that the union provides its members with social, economic, business, and political support, as long as the individual is a contributor.
The Board Chairman National Cooperative Credit Union, Ibrahim Sorie Bangura said their main concern is to ensure that members’ monies are safe, which is the main mandate of every credit union. He added that if anything goes wrong with any credit union, it will affect others.
‘’We expect that all credit unions have credibility and transparency, that will give confidence to members to join’’ Bangura said.
Representing SEND Sierra Leone, Andrew Saffa stated that the union is the fastest growing credit union in Kenema, and committed his organisation’s continued support.
Presentation of awards and certificates to the best business groups was one of the key highlights of the event.
Copyright © 2023 Politico (02/10/23)
