Tamale Co-operative Credit Union Records Growth In Assets

Community Co-operative Credit Union Limited (TCCCUL) recorded a growth in assets of GH¢448,109.24 in 2013 as against GH¢385,5516.49, representing a growth of about 16 per cent.

Alhaji Mohammed Fuseni, Northern Regional Director of Cooperate Credit Union, announced this at the maiden annual general meeting of the union held in Tamale at the weekend.

He said at the end of March this year, the loan portfolio stood at GH¢274,826.21 representing 39.32 per cent of total assets within the period under review.

Alhaji Fuseni said TCCCUL paid total dividends of GH¢3,839.26 to members with minimum shares of GH¢50.00.

Mrs Christina Agana, Deputy Board Chairperson of TCCCUL, said the union has introduced a new loan facility on favourable terms of 10 per cent interest rate for its members.

With the new loan facility called, Yom, Yom, which literally means quick loan, active members of the union have the opportunity to borrow a maximum amount of GH¢ 500 and a minimum of GH¢200 payable within a month.

Mrs Agana explained that the move was to satisfy the needs of the union’s membership who needed soft loans payable in a short time as means of winning more customers to the union.

She indicated that TCCCUL was also going to re-activate youth saving clubs aimed at encouraging the youth to cultivate the habit of savings to enhance their business activities.

Mrs Agana said personnel would be visiting members who would be on the Yom Yom loan at their workplaces to take contributions to ensure that the loans were redeemed on time.

She said TCCCUL had purchased a 25-acre land at Lahigu, a suburb of Tamale to construct a 100-unit social housing for its members.

 

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