The World Council of Credit Union Incorporated (WOCCU) in collaboration with the Liberia Credit Union National Association (LCUNA) has disclosed plan to train staff of the newly established credit union bank in Ganta, the commercial hub of Nimba County.
The training, according to WOCCU Chief of Party (COP), Patrick Muriuki, will enhance the productivity of staff as well as provide better services to their customers.
Mr. Muriuki’s comment was contained in a speech he delivered recently at a dedicatory ceremony of the Trust Savings Credit Union Bank in Ganta, Nimba County.
“As per our commitment to the revitalization process, for the next three years, WOCCU and LCUNA will continue to train staff of the bank to better serve the members as well as the customers.”
According to him, executives of the bank will eventually organize members of the credit union as well as other members of the association to inform them about their products and services where they would in return provide feedback from them.
“We will organize members’ education days to inform our people about the credit union products and services; and to get feedback from Nimba, Bong and Lofa counties, because these are areas we need to improve our services better,” he said.
Mr. Muriuki noted that the credit union is a not-for-profit making cooperative, but able to offer lower loan rates to their members, who want to venture into business.
The credit unions, Mr. Muriuki said, are democratic, member-owned cooperatives, which ensure that members have power to direct credit union policy, but not-for-profits.
“Our organization is there to help raise Liberians out of poverty, by empowering them through business establishments,” said Muriuki.
He said that surveys have shown that members are more satisfied with the services they received from their respective credit union organizations than customers of banks.
However, the WOCCU COP added that the union is poised for positive, economic and social change that is currently providing significant value to both developed and emerging nations.
At the same time, the WOCCU boss used the occasion to inform members of the union that, if majority of the members are dissatisfied with the directors because of bad policies, they have the right to replace them.
Credit union elections are based on a one-member, one-vote structure, this structure is in contrast to for-profit, public companies where stockholders vote according to the number of shares they own, he added.
He concluded by presenting the Ganta Trust Savings Credit Union Bank to members of the entire region three, comprising Nimba, Bong and Lofa Counties. The bank is to be used as headquarters to benefit and serve all members equally in the region.
Meanwhile, The Trust Savings Credit Union is one of the four credit unions bank formed under the micro-lead program funded by the United Nations Capital Development Fund (UNCDF) and implemented by the World Council of Credit Union, Inc. (WOCCU).
The program started in April 2013 for the purpose of revitalization of Credit Unions in Liberia.