The Controller and Accountant-General’s Employees Co-operative Credit Union (CAGECCU) has launched two flagship digital platforms to facilitate easy savings and access to members’ accounts at any location.
The platforms, which seek to offer comfort and convenience to members when depositing monies into their accounts remotely have another element of allowing them to check their balance with ease.
‘After downloading the App on the Google Play Store, members need to type the USSD Code *966*3*700# with any of the telecommunication networks to follow the process of depositing money.
‘This will link them to a Zenith Bank platform where their account numbers will be required. The APP is facilitated by Zenith Bank,’ Mr Reubben Kwadey, the Manager of CAGECCU, said at the 23rd Hybrid Annual General Meeting (AGM) of the Union.
It was on the theme: ‘Financial Technology, a Catalyst for Credit Union Growth.’
Launching the platforms in Accra, he mentioned Shares, Savings, Loan Repayment, Kiddie Savings and Pension P
lans as the products the platform came with.
The second APP gives members access to check their balance by providing their account numbers and mobile phone numbers for verification.
Mr Kwadey, therefore, encouraged members to update their records to be abreast of the new services for a comfortable transactional business.
He urged those having challenges in accessing the new digital platforms to call 0547275880; 0576122026 and 0531819914 for assistance.
‘As technology is evolving, we are going to resort to it for our component operations, so I encourage CAGECCU members to get involved, this AGM is helping us to gather more knowledge in the technology space,’ he said.
Mr Cephas Narh Dosoo, the Vice Chair of CAGECCU, presenting the year under review report, said the Union’s assets value had grown significantly despite the economic challenges from GHS27,697,557.04 in 2021 to GHS30,538,354.90 in 2022.
This indicates an increment of GHS2,840.797.86, representing 10.26 per cent rise in assets.
On savings, he
said 2022 showed an increase of 7.65 per cent as compared to the previous year.
‘…The 2021 savings stood at GHS 24,572,474.29 whereas the 2022 savings recorded GHS26,452,012.16.’
‘However, the net surplus saw a reduction in 2022 from GHS157,413.57 in 2021 to, GHS144394.67 due to non-payment of interest on the Union’s locked-up investments with the defunct financial houses…’
‘…And some administrative charges coupled with provisions for loan losses made for the year 2022.’
Mr Dosoo said the CAGECCU Board, through deploying strategic management of resources and the implementation of prudent policies, had been able to manage the business of the Union to drive it from a negative to positive net surplus in 2021 and 2022.
The locked-up funds and the untimely monthly remittances from the Controller and Accountant-General’s Department were huge challenges, he said.
He advised members to increase their savings periodically and take loans to build their prospects as they prepared for retirement.
Mr Kwabena Apraku
Yeboah, the Acting Registrar of Cooperative Societies, lauded the CAGECCU for embracing technology and said financial technology facilitated day-to-day living, which helped families and businesses to plan for long-term goals towards unexpected emergencies.
Financial inclusion had one big advantage over banks with the ability to create more personal relationships with members, he said.
‘And the good news is that technology can bring those relationships into the digital age without losing what makes Cooperatives so appealing to their members.’
Mr Yeboah noted that the Government would be interested in working with Cooperative financial institutions to expand financial services to the unbanked population.
Mr Christian Osei-Yaw, the Chairman of CAGECCU, said the theme emphasised that access to responsible financial products was a basic right to improve standards of living.
Mr Cyprian Basing, the General Manager of Ghana Cooperatives Credit Union Association, said the Cooperative philosophy had evolved all ov
er the world, becoming the basis of people’s day-to-day life.
It was an effective and successful way of members’ participation in the country’s development processes, he added.
‘Cooperatives are therefore considered a successful model that could fulfill hopes and aspirations for a better quality of life.’
The CAGECCU is a financial Cooperative institution with the vision of becoming the leading Credit Union in the region and create viable products and services to build resilient members and dedicated staff.
It has the mission of mobilising deposits and offering competitive financial services to its members and community to improve their standard of living.
Source: Ghana News Agency