Savanna Agricultural Research Institute Credit Union Holds Annual General Meeting

The Savanna Agricultural Research Institute (SARI) Workers Co-operative Credit Union Limited (WCCU) has reduced its interest rate from 3% to 2% to encourage members to obtain loans from the Union rather than banks.

It also increased the maximum term of its loan from three to five years to provide a more flexible payment method.

Dr. Doris Kanvenaa Puozaa, President of SARI WCCU said this during the Union’s 30th Annual General Meeting (AGM) at Nyankpala in the Northern Region to discuss its financial results.

She said the union had achieved a delinquent loan rate of 1.8%, which was within the allowable threshold of 5% by Credit Union Association (CUA) standards.

The Union’s capital adequacy ratio stood at 22.22% against the CUA standard of 15%, which was the first regulatory requirement for each affiliated credit union in the county.

Mr. Ziblim Iddrisu Baba, the Director of the Union, said its membership had grown to 758, including 454 men and 272 women, from 588 at the last AGM.

He invited members of the public to join the union to acquire his shares, which were selling to GH? 350.00.

He further advised members to continue saving with the union, which would help them qualify to access low-interest loans without paying processing fees.

AUC Northern Regional Director Mr. Henry Angtuongba advised members to buy more than the minimum amount of shares to enable workers to become quality members of the union.

He encouraged members to take advantage of the low interest rate and opt for loans from the Union to improve their welfare and strengthen their creditworthiness by repaying their loans regularly and on time to promote the work of the Union. ‘Union.

Some members have been rewarded for their loyalty and commitment to WCCU.

Lana T. Arthur