‘Take a loan and say no to withdrawal’ was the theme for this year’s Catholic Education Secretariat Credit Union ‘s (CESCU’s) 10th Annual General Meeting (AGM) held on Monday, 14 April 2012 at the Saint Peters Lower Basic School Hall in Lamin.
The AGM enabled the board to share with members and other Stockholders a record of activities and salient information on membership, financial activities, savings, loans, constraints, and pronounced a way forward with great hope and determination.
In her report, the Chairperson, Board of Directors, Mrs. Zono Jammeh, who is also the Principal of Saint Therese’s Upper Basic School, said savings is the sure base upon which credit unions thrive; and the assurance of the survival of any credit union is pinned on healthy savings of its membership.
Because the primary objective of establishing a credit union is to mobilise savings from members, she remarked. Membership savings, according to her, as at 2010 stood at D8.4m compared to D10.7m in December 2011 representing an increment of 27%.
The idea of withdrawal, Madam Jammeh told her audience, is becoming a major deficiency for the proper management of the union.