By Ramatoulie Jawo
The Gambia Teachers Union Cooperative Credit Union (GTUCCU) held its 8th annual delegate’s meeting on Saturday at the Hon. Baboucarr O. Joof Conference Center in Brikama.
The event, themed “Cooperative Model Contributing to UN Sustainable Development Goals,” provided members with the opportunity to understand the credit union’s current status and engage in meaningful discussions, make suggestions, and make informed decisions that positively impact their lives and their families.
Delegates from all regions across the country attended the meeting. In his opening remarks, GTUCCU’s Chief Executive Officer, Dawda Kujabi, emphasized the importance of ensuring the financial stability of the credit union.
He highlighted their approach to safeguarding members’ deposits and meeting loan demands. “We will continue to monitor market conditions and adjust our strategies accordingly to maintain robust liquidity levels,” Kujabi said.
Kujabi also mentioned several initiatives aimed at improving financial literacy, offering competitive loan products, and providing support during financial hardships. He outlined their achievements, including paying MOBSE monthly salaries, school SIGs, and implementing the SRPEP through the ICCUG. “We are committed to strengthening these relationships and exploring new opportunities for collaboration to benefit our members and the broader community,” he added. Collaborations with government bodies and development agencies like MOBSE, MOHERST, and the Ministry of Agriculture have been pivotal in driving their developmental initiatives.
Ansumana Sanyang, CEO of the National Association of Cooperative Credit Unions in the Gambia, revealed that GTUCCU has total savings of 1.1 billion dalasis and over 43,000 members. He noted that their assets have grown to 1.2 billion dalasis and commended GTUCCU for being the only credit union in the Gambia with such significant assets. He also disclosed a reserve of about 39 million dalasis with regular contributions of 6.5 million dalasis.
“Equally, your assets over the years have grown; statistics have shown that your assets is now at D1.2 Billion. This is also remarkable because even this edifice we are in, this is the only credit union in the Gambia that has such. And if you all recall, back in February, we even hosted an international event here,” he said.
Ismaila S. Ceesay, President of the Gambia Teachers Union, highlighted the importance of investing in training and systems to meet regulatory requirements without compromising service quality. He acknowledged the challenges and opportunities credit unions face, such as economic uncertainties, regulatory changes, technological advancements, and shifting member expectations.
“Credit unions across the continent and the globe are currently navigating a landscape that is both challenging and filled with opportunities. We are confronted by economic uncertainties, regulatory changes, technological advancements, and shifting member expectations. These contemporary issues require not only our attention but our collective action,” he said.
Ceesay highlighted a major recent initiative: the introduction of a pension scheme aimed at future savings. He explained that this scheme is crafted to offer long-term financial security for its members, enabling them to plan for a comfortable retirement.
He added that the pension scheme aligns with the UN Sustainable Development Goals (SDGs) on poverty reduction and economic growth.
“The pension scheme not only underscores our commitment to members’ financial well-being but also reflects our dedication to sustainable development,”he added.
The Minister of Trade, Baboucarr O. Joof, a pioneer of the union, encourages the CEO and staff to stay bold and resolute in promoting the union’s growth.
He noted that this is the first time a credit union in the country has saved over one billion Dalasi.
Minister Joof highlighted that the union, founded in 1996, now boasts over a billion in savings, which is truly commendable.