The Savanna Agricultural Research Institute (SARI) Workers Co-operative Credit Union Limited (WCCU) has reduced its interest rate from three per cent to two per cent to encourage members to get loans from the Union instead of the banks.
It has also increased its maximum loan duration from three years to five years to provide a more flexible payment method.
Dr Doris Kanvenaa Puozaa, the Chairperson of SARI WCCU, said this during the 30th Annual General Meeting (AGM) of the Union at Nyankpala in the Northern Region to discuss its financial results.
She said the Union had achieved a loan delinquency ratio of 1.8 per cent, which was within the allowable threshold of five per cent according to the Credit Union Association (CUA) standards.
The Capital Adequacy Ratio of the Union stood at 22.22 per cent as against the CUA standard of 15 per cent, which was the first regulatory requirement for every affiliated credit union in the county.
Mr Ziblim Iddrisu Baba, the Manager of the Union, said its membership had increased to 758 comprising 454 males and 272 females compared to 588 during the last AGM.
He invited members of the public to join the Union to acquire its shares, which were selling at GH₵350.00.
He further advised members to continue saving with the Union, which would support them with the necessary requirement to access loans at low interest rates without paying processing fees.
Mr Henry Angtuongba, the Northern Regional Manager of CUA, advised members to buy more than the minimum shares that enabled workers to become quality members of the Union.
He encouraged members to take advantage of the low interest rate and go for the Union’s loans to improve their welfare and build on their creditworthiness by paying their loans regularly and timeously to promote the Union’s work.
Some of the members were rewarded for their loyalty and commitment to the WCCU.