‘Gambia Civil Service Cooperative Credit Union’s asset stands at over D35 million’

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By LAMIN B. DARBOE

Information Officer, PMO

Mrs. Awa Darboe, manager of Gambia Civil Service Cooperative Credit Union (GCSCCU) has revealed that the Union’s current asset value stands at over D35 million.

She catalogued the Union’s current physical saving at the Bank, stating that their saving account has fourteen million, six hundred and thirty-six thousand and eight dalasis (D14, 636,008) while the current account keeps two hundred and thirty-two thousand, one hundred and forty-four (D232, 144).

GCSCCU like any other credit unions in the country or globally, do facilitate legitimate financial services such as deposits, and provide an array of other financial schemes as loan facilities. Thus,

It creates a socio-economic and financial security of its individual members wherein it provides them every avenue to save, as well as borrow from the account at reasonable interest rates.

In an exclusive interview with the Information Officer at the Personnel Management Office (PMO), Mrs. Awa Darboe spoke about the Union’s roles and responsibilities to civil service reform and development.

According to Mrs. Darboe, the Union’s esteemed members are from the various Ministries, Departments and Agencies (MDAs), adding that as at now, a total of 1,850 are members of the Union.

“GCSCCU is a member-oriented microfinance institution that unites civil servants through the pooling of resources together. These resources (funds) are managed by the union and then made available to the members at very reasonable and affordable rates and off course without delays or strict measures,” Mrs. Darboe explained.

She said that the Union’s functions include and not limited to savings mobilization through direct deductions and deposits, disbursement of loans at reasonable interest rates, offering financial advice, but the Union’s main business function is to provide finances to their members.

Giving an account of percentage withdrawals made annually by their members she said: “The withdrawal percentage differs from month to month likewise each year. During the year, we experience high and low withdrawal rates, and the peak is usually during festive periods such as Ramadan, Koriteh, Tobaski, Christmas, etc., and during school openings periods too. In the advent of Covid-19, we also witnessed high withdrawals due to the unforeseen circumstances that lead to members withdrawing their savings”.

GCSCCU boss proudly explained that the Union’s members’ savings is encouraging from the backdrop of their poor savings culture. Members are trying to regularly save from their meagre salaries especially during the financial difficulties.

In her advice to members and civil servants who are yet to join the Credit Union she said: “Generally, savings are there to salvage individuals when the need arises and as we know, it is sometimes difficult to approach other individuals for financial aids be it your family members, bosses or even friends/colleagues.

She the best place to be in such situations is a financial institution, recommending that everyone should join the credit union family with the philosophy of members helping members”.