Women more trustworthy in loan repayment – Wa Credit Union

The Wa Community Co-operative Credit Union (WACCU) says women are more trustworthy than men when it comes to the repayment of loans.

Two hundred and ninety-three men are indebted to the Union up to the tune of GH¢1,086,651.07 as against 83 women owing GH¢70,986.12 and 61 organisations also owing GH¢158,355.87.

Mr Paul N. Seidu, Chairman of the Loans Committee of the WCCU, at the annual general meeting, said a total number of 437 loan defaulters owe the Union GH¢1,315,993.06.

He said the Union disbursed a total amount of GH¢5,333,261.63 in the year under review to 605 loan applicants comprising 263 men, 179 women and 163 organisations.

Out of that amount, GH¢2,787,131.77 were given to men; GH¢1,096,289.14 given to women and GH¢1,449,840.72 were disbursed to the organisations.

At the end of the 2015/2016 financial year, a total cumulative number of 659 loans were outstanding, giving a total cumulative amount of GH¢5,527,807.29.

Four hundred and forty five men accounted for GH¢4,430,709.78; whiles 124 women and 90 organisations also accounted for GH¢373,172.92 and GH¢723,924.59 respectively, as outstanding loan balance.

He said a total amount of GH¢6,023,349.56 was received as loan repayment.

Mr Seidu said some defaulters did not adhere to the financial counseling services offered by the Union hence the difficulty with the repayment of their loans.

He said some borrowers were not honouring their repayment installment schedules while the proliferation of financial houses are also making it difficult in the loan recovery process.

He said the Union has adopted measures such as phone calls and text messages, visits to members, radio announcements, the issuance of demand notice and court actions as ways address the situation.

Source: GNA