By: Mariama Njie
The Gambia Teachers Union Cooperative Credit Union (GTUCCU) established in 1996 Tuesday commemorated its 25 years anniversary.
The Gambia Teachers Union Cooperative Credit Union is a financial cooperative thriving on the operating principles of a cooperative and cooperative philosophy. The main objective of the credit union is savings and credit and it operates in eight different offices across the country.
Speaking at the Silver Jubilee event held at its head office in Kanifing, the General Manager, Baboucarr Ousmaila Joof said “twenty-five years ago, a few eager, curious patriotic members of the Gambia Teachers Union (GTU) gathered in a classroom in the oldest block at St. Therese’s Upper Basic School precisely, 31st August 1996 at the invitation of the GTU secretariat to consider forming a credit union.”
He went on reminding the members about the formation saying “The arrival of members on that rainy day in August, the few who assembled elected a steering committee headed by Amadou L. Kambi which eventually transformed into the first board of directors of the GTUCCU.”
Soon afterwards, he added, the team of junior head teachers and qualified teachers from the then primary school Cadre drafted and secured approval of the Credit union’s Bye-laws, services rules, loan policy, application forms and open accounts.
He therefore stated that “this was the hardest part of the earlier engagements because it came on the heels of the banning of the Gambia teacher’s union by government resulting in reputable damages.”
Mr. Joof went further that the board quickly secured support from the Accountant General and the Ministry of Education to institute a check-off system to collect both savings and loan repayments from the payroll.
“We are an offshoot of the trade union, the idea of the credit union was conceived at the Gambia Credit Union within the leadership, we want to ensure that someday teachers of this country do not have to queue in banks to ask for basics of lives, that we should be able to engineer our own ideas so that one day we are able to work in our own premises,” Joof said.
He pointed out that Teachers in the Gambia have a place to lean on, they are not claiming that the credit union has reach a level where they can solve all problems, but it is an institution one can lean on and get his/her problems solves.
According to him, over a quarter of century, GTUCCU has served thousands of families annually by availing them a wide range of services and products, and GTUCCU has positively touched the lives of many through medical loans, educational loans, house improvement loans and mobility enhancement loans.
Today Gambia Teachers Unions and Cooperative Credit Union is a global brand, not because it is the richest credit union or the most organized but because of its determination and resilience to impact the lives of its members.
GTUCCU total membership stands at 37,164, male 23,055, female11, 994 and institutional membership accounts are up to 2,165.
Mr Joof further disclosed that the union total retained savings stood at GMD66, 502,928.10 by end of June 2021, with billions withdrawn during the year period.
“Loans outstanding amounted to GMD503, 828,821.06 at end of June 2021 and assets account for GMD628, 306, 982,” he stated.
Moving forward, he said the world is moving digitally and their transactions need to be digitalized which will make things easy for members.
However, the occasion which was attended by founders of GTUCCU, teachers and staff was marked by cutting a cake in celebrating the cooperative’s achievement since 1996 to date.