By Maimuna Sey-Jawo
The Chairman of the National Association of Cooperative Credit Union of The Gambia (NACCUG) has disclosed that the apex body of all credit unions in The Gambia saving has increased from GMD1.3 billion in December 2019 to 1.5billion in December 2020 representing a growth rate of 19% . In effect, GMD256,625.49 million were registered as growth in savings representing 256% of the annual target of GMD100million.
According to the chairman’s report, during the period under review, membership grew from 78,511 in December 2019 to 88,336 in December 2020, representing a growth of 13%. In effect, a net growth of 9,825 new members was registered during the period under review, representing 98 percent of the annual target of 10,000 new members.
The Chairman, Alieu Bittaye, was speaking during the 27th Annual General Meeting of The National Association of Cooperative Credit Union of The Gambia (NACCUG) over the weekend at a ceremony held at the NACCUG head office in Kanifing disclosed this.
As part of its commitment to hire, train and retain qualified personnel, pursuant to pillar 2 of our strategic plan, he said, NACCUG supported staff members during the years under review to pursue professional training relevant to their areas of operation.
The theme for this year’s AGM was “Managing credit unions in an era of a global pandemic.”
However, chairman Bittaye stated that a statement from the representative of Governor of Central Bank of The Gambia, Ciyaka Bah, has revealed that ‘the credit unions have been growing considerable in term of total assets reaching over D1.5 billion and D1.2 billion respectively in 2020. As at December 2020, there have been up to 54 cooperative credit unions affiliated to NACCUG with a combined membership of 97, 465. The Central Bank body regulating credit unions over the years indirectly through the Apex body NACCUG. Thus, considering the level of sophistication of the large credit unions there is an urgent need to subject them to direct regulation and supervision by the CBG.’
