By Saidou S. Baldeh
The Medical Research Council Unit The Gambia (MRCG) at London School of Hygiene and Tropical Medicine (LSHTM) co-operative credit union period under review, members saving have increased by D9M to total of D67M.
This was disclosed by the MRCG treasurer during the 22nd Annual General Meeting (AGM) held recently at their main headquarter in Fajara.
In delivering his report the Treasurer Mr. Ousman Bah said the financial state of their credit union is strong, boosting of total Assets of D82.8m, compare to D65.8M in 2017, thus an increase of D17M in the net worth of the credit union over the period.
According to him, in the same period under review, members savings have increased by D9M to total of D67M whilst the amount of loans disbursed to members have also increased by D8.3M to a total of D51M.
The loans-to savings ratio as at 31.12 .18 is 84%. He cited that the union has also maintained a saving account with standard chartered Bank with an average balance of D6M and interest received from this account in 2018 is D240K
The Theme was held under the theme; “Credit union promoting a Financial Inclusive Society in The Gambia”
In her report, the chairperson of the Board of Directors, Isatou Foon, said the general meeting marked the 22nd year of the MRCG at LSHTMCCU existence.
She said the theme for this year AGM is; Credit union promoting a Financial Inclusive Society in The Gambia .She described this theme as in indeed very timely as credit unions in the Gambia have cooperate and worked together over the years to enhance financial inclusion. Meaning members of participating credit unions like ours are working with sister credits union in the country by sharing ideas, experience and technical knowledge in building up our resource base to better serve our members.
“During the year under review, we had a good and very cordial relationship with the MRCG at LSHTM leadership, which we cherish greatly. We will ensure that this goodwill relationship is maintained and hence take it to another level. She added that the MRCG at LSHTM leadership has made our operation seamless and always ready to support when called upon. We also enjoy support from departments within MRCG at LSHTM such as IT , Transport , facilities just to name few, all enhanced by MRCG at LSHTM leadership’’ she explained.
According to her the union granted 1983 loans amounting to over D35M to our members during the year under review.
She urged all to be more resilient and ensure that we take ownership of our credit union and not to see it as a business of the staff and board but our business.
Professor D’Alessandro Umberto, Unit Director of MRCG, expressed delight to be associated with the activity of the Union. He said the success of the union is due to honestly, transparency and hard work of the management of the union.
He seizes the opportunity to commend everybody and the credit union management for taking responsibilities of managing the finance transparently and successfully.
He urged them to continue with this trend in the best interest of the union members and assured the management of the union that MRCG will continue given them the needed support.