Community credit union disburses over GH¢4m in loans

CedisThe Wa Community Co-operative Credit Union (WACCU), has disbursed a total of GH¢4,050,170.00 as loans to its members within the year 2015.

The loans were disbursed to 517 members made up of 292 males who received GH¢2,176,330.00, 212 females given GH¢1,013,540.00 and GH¢860, 300. 00 provided to 67 organisations.

Mr. Paul N. Seidu, Chairman of the Loans Committee of the WACCU made this known when he presented the financial report of the organisation at its annual general meeting in Wa.

He said a total cumulative number of 728 loans were outstanding giving a total cumulative amount of GH¢5,453,690.09 outstanding with 227 males GH¢2,548,951.24, 392 females GH¢811,183.10 and 109 organisations GH¢2,093,555.75.

Mr. Seidu however said a total amount of GH¢4,500,449.06 was received as loan repayment which gave the WACCU GH¢1,140,400.34 as interest on loans.

On delinquent loans, the Loan’s Chairman said 73 males owed the organisation with GH¢104,393.62, 46 females indebted with GH¢65,608.64 and 11 organisations, GH¢11,141.65, bringing the total amount owed the organisation to GH¢181,143.91.

Mr. Seidu said some members refuse to listen to financial counseling, poor loan repayment pattern of some loaners, emergence and fall of mushroom financial organisations, and low savings balances of some loaners as some of the challenges hindering repayment of loans.

Mr. Moses N. Donneyong, WACCU Board Chairman, said the Union saw good growth in its membership of 13,779, representing growth rate of six percent from 13,028 last year.

Seventy-four per cent of the members had the total of their shares and savings being at least GH¢55.00 while minimum share had been increased from GH¢50 to GH¢100.00.

Mr. Donneyong said the total share value of WACCU grew by less than one per cent during the year from GH¢645,000 in June 2014 to GH¢650,000 at June 2015.

He said savings increased from GH¢6,600,000.00 in fiscal year 2014 to just GH¢7,100,000.00, representing eight per cent growth over the previous year.

He said the Union failed to stay within Credit Union Association standard of 80 percent of assets as savings and urged members to consider the Union as their own and a dependable partner.

Source: GNA

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