Credit Union promotes savings in Wa schools

Community Cooperative Credit Union (WACCCU) is promoting the formation of youth savings clubs in second cycle schools in the Wa Municipality of the Upper West region to inculcate the culture of saving in the students.

Schools currently under the youth savings scheme include TI Ahmaddiya Senior High, Islamic Senior High, Wa Senior/Technical High, Saint Francis Xavier Minor Seminary and Wa Senior High, which are all based in the town.

Under the scheme, the students are encouraged to deposit any amount with the union as well as subscribing to mobile banking services to save their money without going to the banking hall.

Mr. Moses Donneyong Board Chairman of WACCCU revealed this at this year’s general meeting of the Union held at Wa on Saturday.

He said parents could also open accounts directly for their wards or relations and assist them to save regularly until the habit was formed.

He also announced that the Union was now in the position to process salaries of its members and those of them who were salaried members and wished to switch from the commercial banks to the Union could now do so.

WACCCU saw its membership grew by 13 per cent from 10,824 last year to close at 11,705 made up of 2,777 females, 8,272 males and 656 groups and organisations.

Total assets also grew from GH¢6,500,000 as at June 2012 to GH¢8,000,000 this year representing a growth rate of 18.75 per cent.

The Union, however, witnessed a reduction in net surplus income by 18 per cent from GH¢536,000 in 2012 to close the year at GH¢435,000.

The Board Chairman attributed the development to the inability of some borrowers, especially contractors who executed jobs for government and had not been paid and farmers who had a dwindling market for their produce during the period.

He said the total income for the year amounted to GH¢1,763,978.49 as against a total expenditure of GH¢1,237,657.50.