MHSCCU Holds Its Annual General Meeting
The Medical and Health Services Cooperative Credit Union on Saturday conveyed its Annual General Meeting at its main office in the Kanifing Industrial areas under the theme “together we are stronger and better” which brought together its members driven from across the regions.
In his report, the chairman of the board of directors, Malang N. Fofana stated that the event was a statutory requirement for good governance, accountability and transparency, that company law requires that the board of directors should report back to the members the activities of the union annually organized highly represented AGM where the audited accounts of the union shall be presented and draft resolutions presented for review.
He stated that the union maintains it fundamental responsibilities of safeguarding members’ savings and availing low interest rate loans to members as evidenced by increases on the union’s savings and loan portfolios.
That the board has embarked on expansion of the branch offices with a view to addressing access challenges members are facing, adding that in pursuant to the outreach expansion projects, three new branches such as Talinding oppose the market, Bwiam at the Hospital and Basse at the RHD, in addition to Farafenni and Bansang shall be in full operation by January 2023.
He noted that the Talinding-Kunkujang branch be a multipurpose service center to provide services to members and the public and for the purpose of e-Money transfers and cash power purchases.
He added that in their pursuit to making the credit union’s loan products more affordable and competitive, that the board has reviewed the monthly interest rate of 1.25% applied to the personal/normal loan and has now streamlined all loan interests to 1% monthly.
For his part, Lamin P. Fofana, the Union treasurer stated that the accounts have shown that net operating income resulted to D15, 217, 213.00 for the year 2021 compared to D 11, 461, 846.00 for the year 2020 resulting to 33% growth in net operating income. That for the year 2021 revenue generations through interest on loans amounted to D13, 828, 239.00 compared to D12, 901, 185.00 in 2020reflecting a growth of 7%.
He disclosed that for the year 2021, the union has registered a net surplus of D414, 360.00 compared to a surplus of D3, 294,151.00 for the year 2020 reflecting a drop from 2020 results by 87%. Adding that the drop in surplus was due to an increase in activities geared towards addressing growth, expansion and resilience challenges which were restricted in 2020 due to the Covid-19. However, he said that the union has procured land at Kaur in CRR North which plans of building a lodge to generate additional revenues for the union.
