Overview
The Credit Unions concept is such that people with a common interest come together in a society, mobilize funds regularly so that after six months, when a needy member applies for a credit facility he/she would be offered with a minimum interest rate payable within a period of time.
At a close of a financial year, management declares profit and shared among members contributions. The concept is good and appreciated and need to be promoted in workplaces, parish and communities.
Tools for Credit Unions
Education is very important in the Credit Union Movement such that it teaches the Board of Directors, Loan Committee, Supervisory Committee and the Education Committee what they could do to let the Credit Union function properly and also teaches Management about good customer care services, preparing the monthly statical report for the Board to know whether the Credit Union is okay or not.
The Credit Union members and the general public are taught how Credit Unions are formed and types, Operations of the credit union that touches on the concept, structure and networks, Importance of the credit unions at workplaces, communities and churches. Benefits of the credit unions when you become a member.
Let members and the general public be aware that Credit Unions interest rate on loans is the lowest in the Financial market. The Board of Directors should show free and fair attitude towards members of the Credit Unions. Staff should ensure that good receptive attitude and good customer care is practiced. Always make funds available for loans to members with reference to the by- laws.
Educate members on the concept and operations of the Credit Unions. Promote the Credit Unions business and reduce the administrative cost as much as possible. Create suggestion box for members to air their views about the Credit Unions operations. Pay dividend and interest on members shares and savings.
- All Credit Unions should buy shares at CUA at GH¢ 500.00 per society
- Payment of CUA dues at GH¢ 3.00 per member and chapter dues at GH¢2.00 per member
- 5% CUA Central Facility Fund Deposit on Total Assets
- Participating in CUA Risk Management Programme
- Participating in CUA CCUPP
- Participating in CUA Training Programme
- Receive Auditors from CUA/DOC at every financial year
- Organising Annual General meeting and account for their stewardship to members
- Elect officers to serve at the society level during their AGM, officers for the chapter in their AGM and officers at CUA level during the biennial conference scheduled every two years