UEW Co-operative Credit Union makes steady growth

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Uew Co Operative Credit Union
Uew Co Operative Credit Union
Spining

The Board of Directors of University of Education Winneba (UEW), Co-operative Credit Union has assured members and stakeholders of the union of the safety of its operations.

The stakeholders should, therefore, maintain the confidence they have in the Union and its leadership.
Dr Bernard Bingab, Chairman of the Board, gave the assurance in an address at the 20th Annual General Meeting (AGM), of the Credit Union Head Office in Winneba.

The meeting assessed the performance of the Union for the years ending: June 30,2020 half year, to December 2020 and January to December 2021,.

He announced that the Net Surplus of the Union for 2021 amounted to Gh¢3, 478,945.62, against GH¢1, 350,525.59 recorded in 2019, representing 158 percent.

They also paid interest of GH¢1, 715,926.62 in 2021 on members’ saving compared to GH¢808, 183.55 paid in 2019 depicting a progressive rise, whilst it was able to pay interest of GH¢1, 715,926.62 in 2021.

According to him, savings increased from GH¢14, 070,172.27 in 2019 to GH¢34, 203,614.54 in 2021, saying, despite the high increase in the savings portfolio, savings retention was 81.76 percent in 2021.

The Union within two and half years, was able to advance GH¢100,236,920.38 as loans to members as against GH¢19,427,249.44, granted in 2019.

He said despite the frequent withdrawals by members, the Union made significant strides in building its investment base after satisfying member’s loan demand.

“Our had investments forming 21.7 percent of our total assets is in conformity with Bank of Ghana’s requirement of a minimum of 20 percent, which translated to 10,718,568.20 against GH¢4,381,793.76 in 2019, the Chairman disclosed.
Dr Bingab stated that the total assets of the credit union within two and half years grew from GH¢49, 315,387.81 in 2019 to GH¢19, 697,846 in 2021, an increase of 150 percent for the year under review.

He announced that, as a result, the UEW Co-operative Credit Union limited maintained its position as a large size credit union and the 6th largest credit union out of 500 credit unions in Ghana in terms of asset size.

He commended the members for their continuous immeasurable support and contributions that had brought the Credit Union to that far.

“We have also proposed 7.5 percent and 17 percent dividend on shares for the 2019 half year to 2020 and 2021 financial year respectively, paying dividend of 15 percent on shares for 2018/2019 in October 2019,” the Board Chairman said.

A total of 14,454 members where with minimum shares as at December 31, 2021, with total sharers of GH¢5,707,783.38 an increase of 168 percent over 2019 total shares of GH¢2,130,155.83, he stated.

He thanked members who bought more share during the years under review and also encouraged those with less than the minimum share capital to buy at least the minimum, to enable the Union to continue to do business with them with regard to the Credit Union Law, LI 2225 (2015).

As part of the union’s corporate social responsibility during the year under review, the UEW Co-operative Credit Union donated some Personal Protection Equipment (PPE’s) to Effutu Municipal Health Directorate and Central Regional Hospital (Trauma and Specialist Hospital in Winneba).

“We also supported Akenteng Appiah Menkah University of Skills Training and Environment Development (AAMUSTED), Kumasi Campus with three 3-in-1 patient waiting chairs, Mampong Campus with eight 3-in-1 patient waiting chairs, and sponsored the best Business, Technology and Agricultural Student award at UEW,” Dr Bingab said.

It also sponsored the 2020/2021 farmers day in Effutu with an amount of GH¢67, 232.15, among others.

“Aside our achievement the Credit Union has a number of challenges, which include, delays in the release of funds deducted from members on payroll on behalf of the union as this affected the income generating capacity of the union throughout the year,” he added.

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