Form A Credit Union
Criteria And Procedures For The Issuance Of Provisional Affiliation Certificate For Credit Union Study Group
- Any notification for the establishment of a credit union must be channeled through the nearest office of CUA.
- Any idea to own the credit union personally or by a few of the members would not be tolerated.
- All Promoters of the Credit Union Study Group (CUSG) must receive a permission letter from the General Manager before any arrangement can be carried out.
- The Permission Letter to the Promoters would be in force for a maximum period of three (3) months.
- The Credit Union Study Group shall be required to have a minimum membership of Fifty (50) with a potential membership of not less than Six Hundred (600) before commencement.
Criteria For The Issuance Of Full Affiliation Certificate And Procedures For Credit Union Operations In Ghana
- Any Credit Union Study Group (CUSG) that has operated for a year or more shall be required to affiliate with the Ghana Co-operative Credit Unions Association (CUA) and register with the Department of Co-operative (DOC).
- The Credit Union Study Group seeking for full affiliation shall be required to have a minimum membership of One Hundred and Fifty (150) with a potential membership of not less than Six Hundred (600).
- The Society shall be required to operate from an appropriate business premises, staff operating area with ventilation, lighting, etc.
a. Demonstration of a fortified premises, including adequacy of alarm systems,
fire extinguishers supported by fire certificates, vaults or safes, etc.
b. Must provide the office location and a signboard conspicuously placed and its
business hours boldly written.
- The Society must ensure that all the Board of Directors and Committees (Loans and Supervisory Committee) are properly constituted through elections before full affiliation.
- The Society shall be required to use an appropriate Management Information Systems, (computers, approved software by CUA, internet, etc.).
- The Society must ensure that all its staff employed for the operations of the Society are well trained in their lines of duties and on the credit union principles.
a) The Society must possess an up-to-date insurance covers – fire, burglary, fidelity guarantee, cash, etc.