By Olimatou Coker
It is mandatory for all cooperative credit unions, in accordance with the Cooperative Societies Act of 1992, to prepare yearly financial statements to give a true and fair reflection of the credit union’s finances and expenditures.
In fulfilment of that provision, the Board of Directors of the Catholic Education Secretariat Co-operative Credit Union (CESCCU) held their 21st annual General meeting on Saturday at the St Peters Senior Secondary School in Lamin.
Held under the theme: “CESCCU bridging economic gaps through our members” the event provided an opportunity for the union members to elect a new board of directors and address pertinent issues affecting the union’s operations.
Emily M Gomez, Board Chairperson of CESCCU, delivered a lengthy speech on the progress made during the period under review, especially on the proof of membership.
“During the period under review, the membership savings grew from D62.6 million in 2021 to D74 million in 2022, representing a growth rate of 18%,” she said.
She said during the period under review, the training of staff was prioritised.
“The staff were provided with relevant training to build their capacity in the operation of the credit union. I am pleased to inform you that our GM has also attended a Congress held in Eswatini, formerly Swaziland, during the period under review in order to better equip himself with the required knowledge in the operation of our credit union,” she said.
She said the credit union has expanded branches to Brikama, Farafenni, and Pipeline, and there are plans to open another one in Bwiam.
ABA G. Sankareh, the Registrar of Co-ooperative Credit Unions, told the gathering that after several years of hard work, the Department of cooperatives has been reestablished to support their management. “ following several years of hardwork I want to inform you all that this department is established and then this development will go a long way in enhancing our our regulatory roles and responsibilities. “
Sang Mendy, Chairman of the Supervisory Committee, also delivered a statement on behalf of the committee.
“ My role is here to agree whether these people are compliance with the rules and regulation. But I am reporting to you that there are compliance with the rules and regulation of the credit union. And this is very commendable.”
Sang Pierre L. Mendy, the General Manager
of CESCCU, said he is very happy with the attendance, and the democratic nature of the Credit Union were the members were given back their power.
The new elected board members are, Marie A Gomez And Michelle Mendy while Simon A. Corria, Ismaila Manga and Michelle Jobe were re-elected