By Maimuna Sey-Jawo
The president of the Gambia National Association of Credit Cooperatives (NACCUG) revealed that the umbrella body of all credit unions in The Gambia has grown from GMD 1.3 billion in December 2019 to GMD 1.5 billion in December 2020, which represents a growth rate of 19%. Indeed, 256,625.49 million GMD was recorded as a growth in savings representing 256% of the annual target of 100 million GMD.
According to the president’s report, during the period under review, the number of members increased from 78,511 in December 2019 to 88,336 in December 2020, an increase of 13%. Indeed, a net growth of 9,825 new members was recorded during the period under review, representing 98 percent of the annual target of 10,000 new members.
The President, Alieu Bittaye, was speaking at the 27e The Gambia National Association of Credit Cooperatives (NACCUG) Annual General Meeting over the weekend in a ceremony held at the NACCUG headquarters in Kanifing revealed this.
As part of its commitment to hire, train and retain qualified staff, in line with Pillar 2 of our strategic plan, he said, NACCUG has supported staff members over the years under review to pursue a career path. professional training relevant to their fields of activity.
The theme of this year’s AGM was “Managing Credit Unions in the Age of a Global Pandemic”.
However, President Bittaye said a statement by the representative of the Governor of the Central Bank of The Gambia, Ciyaka Bah, revealed that “credit unions have experienced considerable growth in terms of total assets reaching over 1.5 billion dinars and 1.2 billion dinars respectively in 2020. As of December 2020, there were up to 54 cooperative credit unions affiliated to NACCUG with a total of 97,465 members. credit unions over the years indirectly through Apex NACCUG. Thus, given the level of sophistication of large credit unions, there is an urgent need to subject them to direct regulation and supervision by the CBG . ‘