The World Council of Credit Union (WOCCU) in Liberia has dedicated it newly constructed office branch (Trust Saving Credit Union) in the commercial hub of Ganta, Nimba County. The WOCCU new branch is intended to boost credit union activities as well as provide financial options to businessmen and women in Ganta and surrounding communities.
Credit unions are uniquely different from for-profit financial institutions and offer their members special advantages.
Each member of the credit union is an equal owner of that organization and is entitled to one vote at the annual meeting, regardless of how much money he or she has deposited in the credit union.
Credit Unions are democratic, member-owned cooperatives and, as such members have the power to direct credit union policy.
If majority of the members are dissatisfied with the directors who set the policies of the credit union, they have the power to replace them.
Speaking recently at the dedicatory ceremony of the Trust Saving Credit Union office in Ganta, Nimba County, Chief of Party of the World Council of Credit Union in Liberia, Patrick Muriuki, said the institution is one of the four, funded projects under the micro-lead projects of the United Nations Capital Development Fund (UNCDF), implemented by WOCCU.
This program, Muriuki said, started in April of last year for the purpose of revitalization of all credit unions activities in the country.
Mr. Muriuki also said that credit unions are not-for-profit cooperatives, and said that they are usually abled to offer lower loan rates, higher savings rate as well as lower fees than for-profit institutions.
He acknowledges that members are more satisfied with the services they are offering to them than customers of banks.
“In honor of this special day, the board and management of Trust Savings Credit Co-operative Union invite everyone here to celebrate this important day in our lives,” said Muriuki.
The Chief of Party of WOCCU further said that his organization is committed to the revitalization process of training staff of the Trust Saving Credit Union for the next three years.
In order for “Trust Saving Credit Union to offer better services to its customer, we need to make sure that the staff are trained properly to perform they duty to customers,” he said.
He, however, added that member would be fully involved in the design of new products and services through focus group discussions.
At the same time, Mr. Muriuki disclosed that they are currently working in constructing another credit union bank in Region two, Buchanan, Grand Bassa and is expected to be dedicated in May 2014.
The Chief of Party of the World Council of Credit Union in Liberian concluded by acknowledging the Central Bank Governor, Dr. J. Mills Jones and the board of Governors of the CBL for their tireless efforts in promoting effective financial inclusion in this country, especially empowering Liberians through their various credit union institutions.