The Western Regional Manager of the Ghana Co-operative Credit Unions Association (CUA), Prince Darlington Boateng, has commended Favour Co-operative Credit Union for its impressive growth, describing it as one of the fastest-growing credit unions in the Western Region.
According to him, the union’s growth reflects the prudent systems and sound management practices implemented by its board and management.
Speaking at the union’s Annual General Meeting in Kwesimintsim, Mr Boateng urged Ghanaians to cultivate the habit of saving, regardless of the amount, to build capital for investment.
The meeting was held on the theme: “Building Capital for Investment: The Role of Favour Co-operative Credit Union.”
“You don’t need to start saving with a huge amount. What is important is to develop the discipline of saving consistently. Small savings can eventually become capital for meaningful investment,” Mr Boateng said.
He commended the leadership of Favour Co-operative Credit Union for putting in place systems that have supported the institution’s continued growth and strengthened its ability to serve members.
The General Manager of Favour Co-operative Credit Union, Smart Stanley Nkansah, disclosed that the union had recorded an increase in loans advanced to customers.
He encouraged individuals, particularly business owners, to save with the union to position themselves to access flexible credit facilities to expand their businesses.
“Our objective is to support our members with accessible and flexible loans. We therefore encourage the public to save with us because consistent savings will enable them to qualify for loans to grow their businesses,” Mr Nkansah said.
The Board Chairman of Favour Co-operative Credit Union, Francis Joe Ankomah, meanwhile, appealed to members who had defaulted on loan repayments to honour their obligations on time.
He said timely repayment was critical to improving the union’s financial position and ensuring that more members could benefit from its loan facilities.
“We are appealing to all members who have outstanding loans to make every effort to repay on time. Your repayment helps strengthen the union and allows us to extend credit to other members who also need support,” Mr Ankomah said.
The management of Favour Co-operative Credit Union says it remains committed to strengthening its operations, mobilising savings and providing affordable financial services to support the economic activities of its members.
