Business News of 2014-02-13

Teachers credit union opens branch at Nyakrom

The Swedru Teachers Cooperative Credit Union (STCCU) has taken over the operations of the Agonaman Co-operative Credit Union and transformed it into a branch at Agona Nyakrom in the Central Region.
The takeover was due to some challenges that characterised the operations of the Agonaman union, paving the way for the STCCU to transform it into one of its branches to help restore confidence in its activities.
The STCCU, with headquarters at Agona Swedru, has branches at Bobikuma, Nsaba and now Nyakrom. The Board Chairman of the STCCU, Mr B. A. Somuah, said the union, which had been operating for the past 40 years, decided to rescue and revive the operations of the Agonaman Credit Union due to some operational challenges.
He urged all clients of the defunct credit union to have confidence in the new managers, since they would be offered the best of financial services. He appealed to the old clients not to withdraw their savings because of the takeover, but rather save more and continue to do business with the STCCU.
The General Manager of the Ghana Co-operative Credit Unions Association (CUA), Mr Emmanuel Oduro Darko, said there were over 585 credit unions across the country which was providing more secured and reliable financial services to their clients than some of the micro- finance companies.
He stated that the mushrooming of many micro-finance institutions across the country should be checked and regulated, since some of them were not credible and sometimes ran away with the savings of their clients.
According to him, credit unions have well-established systems that are monitored by his outfit. He, therefore, urged the public to rather do business with credit unions instead of some of the micro-finance companies whose operations were questionable.
The Omanhen of the Agona Nyakrom Traditional Area, Okofo Katakyi Nyarku Eku X, who chaired the function, lauded the STCCU for taking over the operations of the Agonaman Co-operative Credit Union. He called on the public to continue to save with the STCCU in order to benefit from its services.