Loan facility for credit union members

Management of the Tamale Community Cooperative Credit Union Limited (TCCCUL) has introduced a new loan facility on favourable terms of 10 per cent interest rate for its members.

The new loan facility called, Yom, Yom, which literally means quick loan; active members of the Union have the opportunity to borrow a maximum amount of GH 500 and a minimum of GH 200 payable within a month.

Mrs Christina Agana, Deputy Board Chairperson of TCCCUL, said this at the maiden Annual General Meeting of the union held in Tamale at the weekend. She explained that the move was to satisfy the needs of the union’s membership who needed soft loans payable in a short time as means of winning more customers to the union.

Mrs Agana indicated that TCCCUL was also going to re-activate Youth Saving Clubs aimed at encouraging the youth to cultivate habit of savings to enhance their business activities.

She said personnel would be visiting members who would be on the Yom, Yom loan at their work places to take contributions to ensure that the loans were redeemed on time. Mrs Agana said TCCCUL had purchased 25 acre land at Lahigu, a suburb of Tamale to construct a 100 unit social housing for its members.

Alhaji Mohammed Fuseni, Northern Regional Director of Cooperate Credit Union, said TCCCUL recorded a growth in assets of GH 448,109.24 in 2013 as against GH 385, 5516.49 representing a growth of about 16 per cent.

He said at the end of March this year, the loan portfolio stood at GH 274,826.21 representing 39.32 per cent of total assets within the period under review.

Alhaji Fuseni said TCCCUL paid total dividends of GH 3, 839.26 to members with minimum shares of GH 50.00.