Sofora Cooperative Credit Union has recorded significant growth in membership, savings and total assets, with membership rising by 53.2% to 2,550 in 2025, while total assets surged by 50.5% to D73.66 million, reflecting expanding financial strength and growing member confidence.
The achievements were highlighted at the Credit Union’s 12th and 13th Annual General Meeting (AGM) held on Saturday, October 31, 2026, at its office at Bandung Six Junction. The meeting brought together members, board directors, management and stakeholders to review performance for 2024 and 2025 and discuss future direction.
Presenting the Chairperson’s report, Sulayman Gaye highlighted the successful integration of three community-based credit unions — Farato, Penyem and Darsilami in 2025 following an invitation from the National Association of Cooperative Credit Unions of The Gambia (NACCUG).
The amalgamation rescued the three institutions from operational and financial difficulties, safeguarding savings of hundreds of members while ensuring continuity of financial services. Members of the three credit unions now enjoy access to Sofora’s savings and loan products.
Savings mobilised increased from D42.14 million in 2024 to D69.21 million in 2025, representing 64.2% growth. The loan portfolio expanded by 30.1%, from D36.29 million to D47.19 million.
According to Treasurer Saikou Touray, total assets increased from D48.96 million in 2024 to D73.66 million in 2025, while total liabilities rose from D46.95 million to D70.96 million, largely driven by increased member savings.
Total equity recovered from D2.01 million in 2024 to D2.70 million in 2025, an improvement of 34.5% while otal income increased to D5.83 million in 2025 from D4.95 million in 2024. However, expenditure rose from D5.12 million to D5.85 million, resulting in a deficit of D19,284 for 2025.
The Treasurer stressed the need to strengthen loan recovery, maintain liquidity, control operational costs and build capital reserves to sustain growth and meet Central Bank capital adequacy requirements.
Beyond financial performance, the AGM recognised individuals whose vision and sacrifice laid foundation for Sofora.
General Manager Bakary Bojang paid tribute to founding pioneers including the late Yaya Colley and the late Ndey Jarju, alongside Aziz Bojang, Safiatou Sanneh and Ndey Haddy Badjie.
The late Yaya Colley, former NACCUG employee, provided technical assistance, training and guidance to early members. He introduced the innovative ‘Ataya Syndrome’ savings model, demonstrating how money spent on daily tea consumption could be channelled into regular savings.
The late Ndey Jarju contributed as founding member and served on the Board for six years from 2011.
The Board proposed formally honouring and memorialising these pioneers to preserve their contributions.
Members were presented with resolutions seeking approval of audited financial statements for 2024 and 2025, appointment of external auditors for 2026, and increase in annual share contributions to strengthen capital base.
A separate proposal seeks to consolidate the existing D100 annual dues and D100 building fund into single annual contribution of D200 per member.
The Board also reported progress in institutional development, including introduction of Human Resource Manual, ongoing development of operational manual and adoption of new strategic plan covering 2026-2029.
The AGM reaffirmed Sofora’s commitment to strengthening financial position, improving service delivery and promoting savings culture among members.
With expanding membership, growing savings base and strengthened capacity, Sofora is positioning for a sustainable future, guided by cooperative principles of unity, mutual support and shared prosperity.
