Ndembalenteh’s investment portfolio increased to over D1.3M
Thursday, June 07, 2012
investment portfolio of the Ndembalenteh Cooperative Credit Union (NCCU) has
increased from D707, 970 in December 2010 to D1, 303, 877 at end December,
2011, representing 84 percent, its financial statement indicated.
According to the said statement obtained at the NCCU’s fourth annual general meeting held Saturday at the St. Therese’s Lower Basic School in Kanifing, these investments are held with the Central Finance Facility (CFF) and share holding in NACCUG (National Association of Cooperatives Credit Union of The Gambia).
the financial report at a meeting that brought together members of the Credit
Union, the NCCU’s treasurer, Viviane Malu, reported that the total asset of the
Union as at the end of the financial year is valued at D9, 216, 576 compared to
D5, 555, 942 in the previous year, thus representing an increase of 66 percent.
She indicated that members’ shares amounted to D77, 600, compared to D57, 800
in the previous year.
“Members’ savings amounted to D8, 461, 761. This shows an increase of 97 percent over the previous year’s figure of D4, 284, 490. This huge increase is as a result of then weekly radio programme organised by NACCUG, coupled with the vigorous sensitisation meetings done by Ndembalanteh manager and board members to different organisations within the Greater Banjul Area,” Viviane Malu reported.
earlier, the chairman of the NCCU, Nuha Sanneh, commented on the progress
achieved by the Union during the year under review. Describing the AGM as a
moment of stock taking and accountability, Sanneh said in the last 12 months,
they had worked diligently with maximum sacrifice all aimed at ensuring that
members’ funds are safe, secure and grown. He underscored that the high level
of commitment, dedication, and selfless service culminated to the attainment of
excellent growth, loans and investment products of Ndimbalanteh Credit
“As a board we are conscious of the fact that for a credit union’s financial system to remain sound, it must have to keep track of the liquidity, profitability and security of members’ funds. That is exactly what the board had demonstrated and this all the more reason why service to members will forever remain our cardinal doctrine,” Sanneh concluded.
speaking at the meeting, the human resources manager of Kairaba Beach Hotel,
Memunatu Junisa Camara, who was the occasion’s guest speaker, applauded NCCU
for what she called a job well done. She spoke at length about the significance
of saving in the credit unions, thus sharing her personal experience in terms
of rewards it accorded her.
for the general manager of the National Association of Cooperatives Credits
Union of The Gambia, Harmey B. Jawara, said for the past 21 years, credit
unions in the country have tremendously improved the wellbeing of people
through increased household incomes and payment of educational fees,
construction of homes and most significantly renewed their ambition that the
future is bright with their credit unions.
He therefore urged the members to be steadfast in their effort to always increase their savings not only for the short term but for the future of their children. He said NACCUG as the apex body of Credit Union in the country is closely monitoring the developments in their credit unions on a regular basis.
Jawara assured that they will continue to provide the needed guidance and technical support to enable them to provide the best financial service to their members.
Author: Fatoumata Ceesay