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Sunday, May 19, 2024

NACCUG holds 30th AGM

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By Aminata Kuyateh

In its responsibility to strengthen compliance in credit union operations, the National Association of Co-operative Credit Unions of the Gambia Saturday held its 30th annual general meeting at the NACCUG head office in Kanifing.

This year’s theme “engendering a culture of compliance in credit union operations”  towards a more resilient credit union movement which seeks to highlight the critical role that compliance plays in the credit union’s operation.

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Speaking, chairperson of the board Bintou Njie said in accordance with the bylaws, the board of directors must convene a general assembly meeting annually and report back to general members.

Madam Njie said the report highlights activities that were accomplished in the year ended 2023, with support from the credit unions and other development partners, a lot of projects were initiated and completed during the year under review.

She urged the members to continue to support NACCUG by paying their annual dues on time and subscribing to training and other capacity building activities they offer to members. She assured the members that NACCUG will continue to provide the needed guidance and technical support to enable credit unions to continue providing the best financial services to their members.

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In delivering the financial statement on behalf of the treasurer, General Manager and CEO, NACCUG, Foday A.Sanyang highlighted the financials  performance and fiscal position of the union for the year ended 2023. He said “2023 financial year was important for NACCUG for reasons; it marked the end of NACCUG 2021-2023 strategic plan and the beginning of a new three year strategic plan”.

He further stressed that the country’s apex body responsible for the overall supervision and coordination of credit union activities made a 23% increment in terms of revenue generation.

He said fellow cooperators, the board and management have expanded the revenue base and improved on the current services for the sustainability of the movement. As mentioned above, the key performance indicators have improved significantly from the fiscal year 2022.

He continued the total revenue for the period has increased from D26.4 million in 2022 to 32.6 million in 2023 representing 23% increment. He disclosed that the revenues are mainly from annual dues, affiliation fees, training fees, software retention fees, investment income, CFF contribution to operation, LSGS contribution to operations and management fees on projects managed by NACCUG.

He added that the board acknowledges the support  it has been receiving and continues to receive from the partners over the years particularly the Gambia Government, DSIK and ACCOSCA. He expressed gratitude to the partners for their continued support of the movement.

The day-long AGM also witnessed the installment of five new members to serve the union.

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