Yesterday, the world celebrated International Credit Union Day, which has been celebrated for the past 150 years. This year’s theme is, “dreams thrive here”.
Sierra Leone, for the first time, took part in this celebration with a symposium held at the Miatta Conference where the Chair of the National Cooperative Credit Union Association of Sierra Leone (NACCUA-SL) Alhaji Alimamy Kamara, said, “With the Union, which started in 2009, they can now boast of total savings of Le3,429,000,000.
He said they have shares of Le937,000,000. There are about 30 unions in the country with a membership of 6,406 of which 3,420 are women while 2,481 are male.
Kamara gave a brief background of the formation of credit unions in Sierra Leone. After a training in 2009 they were taken on a practical tour to Ghana. On their return, “ I worked very hard to accomplish my promise by building up a credit union, which Tawopan which I registered in 2011 and is the first registered. Now, he said, the Union can boast of membership of 1,057.
The Chair said, “Credit Unions have gained momentum as there are lots of awareness around it and it yields fruitful results as many credit unions to be the answer to their wealth creation problem”.
He added that with their savings and membership, Credit Union will soon be a force to reckon with because in about five years, they can boast of such and that in the next ten years they would have grown more than this.
Solomon Mwongyere, Country Manager of Cooperative Development Foundation of Canada, formerly Canadian Cooperative Association, in his statement, said, “The celebration shows that credit unions serve as catalysts to make different professions, personal choices and career paths real.”
“Our credit unions in Sierra Leone are just some of more than 68,000 credit unions in the world serving 235 million members”.
Speaking on the importance of credit unions invest their earnings in helping members meet their financial goals, making dreams a reality. And that the union is people centred and that members have the first say.
Mwongyere disclosed that the credit union movement started in 2009 with Kissi Tongi, Luawa and Upper Bambara with support from SEND Sierra Leone a training was conducted through the support from the Canadian Cooperative Association in partnership with Irish League of Credit Union Foundation.
He added that the benefit of credit union is that provide lower rates and better service and that members experience the difference that come through their democratic structure, service to members and social goals that the unions embody.
The Country Manager said whether their members are poor, rich, from villages or cities in communities, credit unions are present across the cultures and languages “helping members create new opportunities every day”.
The Irish League of Credit Union Foundation (ILCUF) representative said credit union started with just one member that saved $500 USD. The union has grown now to more than 400 with an excess of $12 billion USD around the world. The credit union in Ireland, she said, just like Sierra Leone, is driven by its members, which is multiple success that has changed the lives of many.
She said the theme; “dreams thrive here” Sierra Leone has really achieved this because she has heard of lot of success stories. And when they first started working in the country, they were asked what finances they will bring into credit union. “But we are here to give a hand-up not a hand out. We are here to support the development of the movement, through training and experience sharing, so that you can be the drivers of your growth and success”.
Testimonies where given by different contributors about the success of being part of credit union. A student, Mariatu, said that she has been able to pay her fees when she joined the union and ever since she has never regretted joining the schemes.
BM/19/10/17
By Betty Milton
Friday October 20, 2017.
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