The Savanna Agricultural Research Institute (SARI) Workers Co-operative Credit Union Limited (WCCU) has called on its members to access more loans with an interest rate of two percent from the union to improve their farms and livelihood.
The union has reduced its interest rate from three percent to two percent as compared to the rates from various banks. Management has increased the maximum loan duration from three years to five years to provide a more flexible payment method.
Chairperson of SARI WCCU, Dr. Doris Kanvenaa Puozaa, disclosed the financial figures of the union at the 30th Annual General Meeting (AGM) of the Union at Nyankpala in the Northern Region.
She said the Union had achieved a loan delinquency ratio of 1.8 percent, which was within the allowable threshold of five percent according to the Credit Union Association (CUA) standards.
The Capital Adequacy Ratio of the Union stood at 22.22 percent as against the CUA standard of 15 percent, which was the first regulatory requirement for every affiliated credit union in the county.
Mr. Ziblim Iddrisu Baba, the Manager of the Union, said its membership had increased to 758 comprising 454 males and 272 females compared to 588 during the last AGM.
He invited members of the public to join the Union to acquire its shares, which were selling at GH₵350.00.
He further advised members to continue saving with the Union, which would support them with the necessary requirement to access loans at low-interest rates without paying processing fees.
Mr. Henry Angtuongba, the Northern Regional Manager of CUA, advised members to buy more than the minimum shares that enabled workers to become quality members of the Union.
He encouraged members to take advantage of the low-interest rate and go for the Union’s loans to improve their welfare and build on their creditworthiness by paying their loans regularly and timeously to promote the Union’s work.