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GPFCCU holds 24th AGM, financial statement report for 2022

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By Aminata S. Kuyateh

The Gambia Police Force Co-operative Credit Union (GPFCCU) on Saturday held its 24th annual general meeting and financial statement report for the year ended 31st December, 2022 convened at the NACCUG training center in Kanifing.

The board members are Marie Wadda, Mamanding S. Dibba, Ebrima Darboe, Lamin K. Sanyang, Kaddy M. Bojang, Lamin Fadera, Ebrima Ceesay, Abdoukarim John, Samba Jawo, Lamin F. Jammeh, Karalang Jarju and Pa Singhateh

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Speaking hon. Seyka Sonko, the minister of interior said the governance process powered by strong policies that gave GPFCCU its position in the financial market.

Hon. Sonko urged the board to continue their stance in trying to achieve their objectives. “In ensuring access to financial services and promoting financial inclusion is essential for inclusive growth. Access to credit, saving, insurance and other financial services enables individuals to invest in their future, start businesses and protect themselves against economic shocks.”

Pa Singhateh, general manager, GPFCCU stated that the report for 2022 represents another terrific year for the credit union. “Our assets have grown by over D73 million (16.4%), load increased by 15.6%, and the saving increased by 19.2%, the delinquency is below industry standards, while our surplus is at a high record.”

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Chairperson of GPFCCU, Marie Wadda stated that during the period under review, savings have increased from D255,727,596 in 2021to D316,305,297 in 2022 representing an increase of 19.2%. “This surge indicates that our products and services carefully acknowledged and appreciated by our members and we will continue to reach out to more people to join the credit union.”

Madam Wadda mentioned that the theme for this year’s AGM “enhancing inclusive growth and economic development” and from the theme, GFPCCU is encouraging innovation and entrepreneurship that can spur economic growth and create new job opportunities. “This can be done by providing support and resources for startups, promoting research and development and creating an enabling environment for businesses to thrive.”

Madam Wadda indicated that the loans have continued to serve a good purpose by positively impacting the lives of our members. The members are incessantly impacting the lives of our members. The members are incessantly demanding new loan products and efficient ways of disbursing the products to them once approved. This is indicative of the fact that investment in technology is a necessity if we are to fulfil the desires and aspirations for our members.

She said in 2022, the loan demand continued to grow as our loan balance stand at D250,403,690 in 2021, while in 2022 it stands at D296,848,712, showing an increase of 15.6%. loans will continue to be our primary source of revenue and we will keep developing new products at reasonable rates to match with modern products in the financial sector.

She added: “Our strategies and actions remained guided by our 2022-2024 strategic pian which is undergoing a very smooth implementation. during this period, we will focus on expansion, Training of staff, technological innovation and the provision of robust services to our members. We will ensure that there is no strategic drift in the implementation to enable us achieve our aims”.

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