Two credit unions merge to protect members savings

The Agona District Workers’ Co-operative and Church of Christ Credit Unions have successfully merged to secure members’ savings and also help to face current emerging global financial challenges.

Mr Wisdom Yaw Badjessah, chairman of the merged union who announced this at the special merger meeting at Agona Swedru, said the agreement started in 2019 to meet the financial challenges of the two unions.

He said many financial institutions and microfinance organizations have folded up because they could not meet their financial obligations.

The chairman stated that the names of the two unions have been replaced with Agobaman Co-operative Credit Union to make it more competitive and attractive to the people of Agona West and beyond.

“To be competitive, a credit union must be innovative and reflective in its operations “, Mr Badjessah stated, adding that one of the major strategies adopted by smaller credit unions to survive in the slippery financial sector was to go into the merger.

He said the merger of the two unions should have been clinched long ago but the COVID -19 pandemic stalled the process which had finally become a reality.

Mr Badjessah said the merging of two credit unions in Agona West, had become a third force that will serve more people for wealth creation and reduction of poverty in the area.

The Chairman of the Board hinted that the Credit Union was building a magnificent office at Agona Swedru Chapel Square to serve as the main head office while the current operation offices will become branches.

He said the building was almost 90 percent complete and hoped to move in before the end of the year after being officially commissioned by the Municipal Chief Executive for Agona West, Mr Evans Onoma Coleman.

Mr Badjessahcalled on members to serve as ambassadors to spread the good message to market women, businessmen and women, teachers, transport operators, and traders to join the union to increase mobilization of savings.

Source: GNA