Wa Credit Union succeeding despite stiff competition

The Wa Community Cooperative Credit Union (WACCU) has recorded significant success in its operations despite stiff competition from financial institutions and banks in the Municipality.

The Union which saw its membership grow by three per cent from 9,946 in 2011 to 10,284 last year also witnessed its net surplus rising by 270 per cent from GH¢145.000 in 2011 to  GH¢536,000 in 2012.

It was able to achieve this feat due to the growth in total income generated from interest on loans granted to members which rose by 115 per cent from GH¢504,000 in the previous year to GH¢1,083,000 in 2012 as well as a decline in the rate of increase in total operating cost

Mr Moses Donneyong, Board Chairman of the Union, made this known at the annual general meeting of the Union at Wa on Saturday.

WACCU also saw an impressive growth in total asset size from GH¢4,100,000 as at June 2011 to GH¢6,500,000 in June 2012 representing a growth rate of 59 per cent.

The Board chairman said that the Union was not attracting the business segments and salary earners in the community because of WACCU’s inability to process salaries and clear cheques.

He said the Board was considering a proposal that would empower WACCU to roll out these services in the near future.

Mr Donneyong announced that four members of staff of the Union who embezzled various sums of money belonging to the Union had been dismissed with two of them being prosecuted in the court to recover the monies embezzled.

Source: GNA