By: Fatou Krubally
The University of Applied Science, Engineering and Technology (USET Cooperative Credit Union) USETCCU has recorded a robust financial performance with over D6 million in growth, reflecting what officials described as “unwavering trust” from its membership.
Speaking at the Union’s Annual General Meeting held on Friday, Secretary General Abdul Allen Bangura who doubled as the chairperson said the credit union’s assets have increased from D34.9 million in 2022 to D45.6 million in 2023. He attributed the growth to effective management, increased member savings, and timely loan repayments.
“This growth isn’t just in numbers, but in the confidence our members place in the cooperative,” Bangura said. “It is a collective achievement.”
The credit union also distributed a 10% dividend to its members, with Bangura noting that over D2 million had been shared among savers in the previous financial year.
Meanwhile, the Vice Chancellor of the University of Applied Science, Engineering and Technology (USET), Prof. Nazmat Surajudeen Bakinde, who was the guest speaker, urged members to view cooperatives not only as financial entities but as tools for empowerment. She emphasized the importance of education in sustaining economic progress and encouraged the union to consider more developmental projects.
“We must move from just saving and borrowing to investing in ventures that build community resilience,” Prof. Surajudeen advised.
The meeting also featured detailed presentations on the credit union’s income, expenditures, and plans for expansion. Officials announced upcoming digital innovations to improve access to services and transparency.
USETCCU, which started as a small savings scheme among university staff, has grown into one of the most respected institutional cooperatives in the country. With about 300 active members, the union continues to play a vital role in promoting financial inclusion.
As part of the joint Annual General Meeting on Friday, members discussed a potential merger between USETCCU and the GTUCCU, with the latter represented by Mr. Sallah. The outcome of the discussion remains pending, with a follow-up meeting expected to take place by next Friday to determine the next steps.
