18 C
City of Banjul
Monday, January 25, 2021

CESCCU holds 13th AGM

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The theme for this year’s AGM was: ‘Credit Union: Saving our Pathway to Economic Independence’.

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In his opening remarks, the chairperson of the CESCCU Mr Dominic Gomez said economic freedom would remain a mirage unless people change their attitude and perceptions of credit union movement in The Gambia particularly the CESCCU.

To illustrate his point, he noted that some people perceive credit union as a place where one money is saved and withdrawn at will for routine expenses such as transport fares and maintenance allowances. On the contrary, he argued that a savings culture should be based on persistence with a view to achieving self-reliance and a financially secure future.

According to him, membership of the union increased from 900 in December, 2013 to 1077 in 2014, representing a growth rate of 19.6 percent. In the same vein, the credit union savings increased from D15.9 million in 2013 to D18.2 million in 2014 representing a growth rate of 15 percent. 

For her part, the treasurer Mrs Anna Sally Badjie disclosed that during the period under review the assets of the union increased from D17million in 2013 to D20million in 2014, representing a growth rate of 18 percent. The increase is as a result of additional equipment and furniture acquired during the year, she said.

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