What We Do

Auditing is carried out under the historic cost convection. They express an independent opinion of financial statements based on the audit. The Credit Union prepare their financial statement in the year and it is audited in accordance with general accepted auditing standard. It is done to obtain reasonable assurance whether financial statements are free of material misstatement. It examines on text basis evidence supporting the amounts and disclosure in the financial statement.

HELPING HANDS IN CHALLENGING TIMES.

There are times when life gets bumpy, when internal issues or influences from the outside make our life difficult and meaningless. The same counts for Credit Unions. There might be times and dynamics that a society comes into a moment when it needs help most.

A critical financial situation not only brings this Credit Union in extreme difficulties but also harms the life of its members and causes a poor image of the whole movement.

To prevent this, CUA has introduced the Credit Unions’ Deposit Guarantee Scheme (DGS) for both: to strengthen all Credit Unions and to protect the hard worked savings of their members.

As a means to achieve, funds are being mobilized from all Credit Unions to the Stabilization Fund. Secondly, the DGS plans to take off fully by July this year.

BENEFITS TO THE WHOLE FAMILY.

– Assures Credit Unions’ members of full protection of their savings.
– Strengthens the public confidence in the Credit Unions.
– Builds up a credible image of Credit Unions in Ghana.

TWO STRONG HANDS FOR MAXIMUM PROTECTION.

– The Stabilization Fund which has been established since the Biennial Conference at Ho in the year 2000, will offer security and protection for Credit Union members’ savings and deposits.
– The Deposit Guarantee Scheme implements safe and sound business standards in Credit Unions’ operations through monitoring and supporting services.

Both ensure and uphold the integrity, sustainability and viability of the Credit Unions.

HOW THE CREDIT UNIONS’ DEPOSIT GUARANTEE SCHEME WORKS.

– Credit Unions affiliated to CUA are automatically part of the scheme.
– At June every year 0.15% of members savings are contributed to the Stabilization Fund.
– Credit Unions make their operations transparent to CUA, the DGS and subsequently to their members.
– The DGS reviews the Credit Unions’ affairs and draws strategies to address any shortcomings as soon as they are observed.

SUPPORT IN THE CASE OF NEED.

– The Credit Union collaborates to reverse any negative trends within the shortest possible time. Together with the DGS, it puts measures in place to safeguard further occurrence, such as business plan adjustments, budgetary controls, structural changes and financial support.
– The Credit Union receives support and guidance from DGS to consolidate and diversify it services by education, counseling and others means. The DGS will monitor the performance of the Credit Union to identify the inherent problems militating against its smooth operations with a view to offering corrective solutions to it.

LOOKING TO THE FUTURE WITH CONFIDENCE.

– The Credit Union is enabled to expand its operations and adopt improved technological and operational methods of doing business.
– Members confidence is boosted by this effort and more benefits are received from the services of the Credit Union.

For detailed information:
Deposit Guarantee Department
0307 032298 or 0302 220299 – 114
Depositguarantee@cuagh.com

Its objectives are to ensure gender equity among its staff, members in management positions and members of the various credit union. It refers to the attribute and opportunities associated with being male or female and relationship between men and female and girls and boys. It is determined by the roles attributed to men and women in society, in public and private life. Gender issues means more than targeting women and recognising the position of women in relation to men in the society.

The risk management department brings out a policy on loan and savings being safeguarded against risk in the Credit Unions operations in Ghana.

The Loan Protection Plan (LPP) protects the Credit Union, Credit Union members and families of the Credit Unions members against financial loses and difficulties when Credit Union member die, or suffer disabilities with unpaid Credit Union loans.

The Life Savings Plan (LSP) insures the savings made be Credit Union members against death and disability and provides additional benefits to members’ beneficiaries.

CUA SHARES – “BOARDING THE HAPPY FAMILY”

The Credit Union obtains legitimate grounds to do business with CUA and enjoys full membership rights, as provided in the CUA Bye Laws, when the minimum Shares are subscribed to!

As in the Co-operative Societies Decree – NLCD 252 of 1968 defined, all members of Co-operative Societies are obliged to subscribe to Shares to qualify them as members.

Every member Credit Union is expected to purchase not less than GH¢500.00 shares to qualify it as a member of CUA. New Credit Unions wishing to affiliate with CUA are obliged to do the same.

Shares subscribed in CUA attract dividend at the end of every financial year. The Dividend is credited to the CFF Savings Account of the Credit Union.

CFF SAVINGS – CREATING INCOME FOR CREDIT UNIONS.

This savings account provides an investment product as well as a Credit guarantee scheme for the Credit Unions.

All Credit Unions shall make regular savings to the CFF Savings Account – monthly or quarterly – to add another investment source to their portfolio. As all members agreed at CUA Biennial Conference in the year 2000, the contribution should be at least 5% of the Credit Union’s Total Assets at any point in time, not only to catch up with their growing Total Assets value, but also to increase their investment portfolio.

Benefits:
– Credit Unions can withdraw from their CFF Savings or borrow up to 40% of the value of their Total Assets to meet the demands of members or embark on projects.
– Dividend paid on CUA Shares is credited with this account.
– Savings in the scheme attracts interest paid on half yearly basis.
– With savings, Credit Unions become eligible to CFF loan facility

STATUTORY RESERVE DEPOSIT – PROVIDING A TOOL FOR SUSTAINABILITY

To maintain the Credit  Unions status in business, the SRD was created (defined  in NLCD 252 of 1968). Its emphasis is placed on an equivalent of 25% of the Credit Union’s annual surplus which shall be paid to the Statutory Reserve Fund.

The Fund must be deposited in a special reserve account called “Statutory Reserve Deposit” (SRD), with CUA. This is lodged in CUA CFF in the interest of Credit Unions as a whole.

Payment for SRD can be made by instalments and must be completed within three months from the close of the Credit Unions’ financial year – that is 30th of June each year.

The SRD is not only a tool for difficult times but its also provides the Credit Union with more income: On half yearly basis interest is paid and credited to the individual Credit Union CFF Savings account.

CREDIT UNION TIME DEPOSIT – INVESTING FOR INNOVATION

This is a voluntary deposit account and serves as an investment portfolio for the Credit Union. The Credit Union makes the deposit for a specified period of time such as 91 days, 182 days etc. Interest rate earned on the investment is 1% above the prevailing Bank of Ghana Treasury Bill rate.

By 21st January 2013:

91 days: 21.85%
182 days: 21.72%
1 year: 21.90%

CFF LOAN FACILITY – ACCESSING FUNDS FOR FURTHER DEVELOPMENT

CFF provides four loan products with attractive and innovative conditions for affiliated credit unions which save and invest regularly with the CFF.
The four types of loans are:
– Development Loan
– Liquidity Support Loan
– Concessionary Loan
– Microfinance Loan

HOW IT WORKS/PROCESS

– Payments for any of the products mentioned above can be made at CUA Chapter offices or at the Head Office during normal business hours, where official receipt are issued, specifying the amount and purpose(s).
– Cheques issued for deposits and loan re-payments are payable to “Central Finance Facility” for any of the products.
– Statements are provided to the Credit Unions, on the three accounts (Shares, CFF and SRD)at the end of every quarter.

CUAlink SERVICES – MAKING FAMILIES HAPPY

These financial electronic services offer the Credit Unions members and the general public a safe and convenient way to transact financial dealings:

– CUAlink Money Transfer
– Bill payments of DSTV, Vodafone fixed lines and Ghanaweb
– Mobile Top-ups

FINANCIAL INCLUSION PROGRAMME – OFFERING THE FULL PORTFOLIO OF FINANCIAL SERVICES TO MEMBERS

– International money transfer: Western Union money transfer, Moneygram, Vigo
– Bill payments: school fees, water bills, ECG bills etc.
– Cheque Clearing
– Salaries

For detailed information:
CFF Department
0289 551403 / 0302 220299
CFF@cuagh.com

The Management Information System(MIS) Department of CUA Limited gives assistance to the Credit Unions in the implementation of the Credit Union Software (CUSOFT) and also compile and publish statistical data on the Credit Unions in Ghana. There are one hundred and sixty-five (165) Credit Unions participating in the Credit Unions Software as at December 2017. Data on the Credit Unions are collected and compiled monthly,bi-annually and half yearly (June and December of each year).

This department reminds all individual members of Credit Union, their friends and relatives of the need to stay healthy and strong so that they enjoy their investments. You are advised so that you do not become victim of disease, for CUA needs you and Ghana needs you.

They are services performed by personnel of CUA at the Head Office, that is Credit Unions assigned to them for an over sight responsibilitry in line with CUA’s operational procedure without Audit. They work on inflows and outflows and other obligations by the Credit Unions.

It is a new department in the Ghana Cooperative Credit Union Association (CUA) Limited with an oversight responsibility of increasing the level of publicity at CUA / CUs functions. Execute market research and needs assessments of the demand of CUs clients. Develop and implement a Public Relations strategy for CUA / CUs. Develop new products /services of CUA / CUs and publicizes them. Ensuring that clients of all CUs have good customer care services and staff behave well and motivated. There is the need of members of CUs to be increased leading to an increase in the deposits in the CUs.

The Youth Saving Program emphasis on the need to encourage teenagers in the Senior High Schools to save. To inculcate the habit of Savings and also the youth to take over the place of adults in Credit Union activities as the adult phase out.