The Wa Community Cooperative Credit Union (WACCU) has transitioned into a top-tier financial institution regulated by the Bank of Ghana, after posting strong financial growth.
The union’s total assets rose from GH¢67.3 million to GH¢89.9 million, marking a significant milestone celebrated at its 57th Annual General Meeting.
Chief Executive Officer, Dr Abraham A. Dakurah, announced a push toward digital banking, including the launch of a USSD code and a mobile application.
The platforms will allow members to transfer funds, open accounts and apply for loans remotely.
He also revealed a key policy shift to improve access to credit.
“We are saying that when you join today, and you want a loan, we will assess you. If you qualify and show evidence that you can repay, why should we ask you to save for four months?” he said.
Dr Dakurah noted that WACCU’s elevation into a group of 21 large credit unions under direct central bank regulation removes previous operational constraints.
This will enable partnerships with banks for clearing services, including salary processing.
He added that the union will roll out an agency banking system, equipping agents to process deposits and withdrawals, reducing the need for members to visit branches.
Board Chairman, John Kofi Seidu, highlighted strong financial performance, with revenue increasing from about GH¢13 million in 2024 to GH¢18 million in the year under review.
He also reported growth in membership, with 1,515 new members bringing total active membership to 22,095.
He urged members to access loans responsibly and repay them on time, describing lending as the cooperative’s main revenue driver.
Regional Director of Cooperatives, Blessed D.K. Okorley, commended the union for its performance and regulatory compliance.
“Making almost 50% of profit from the last year is a huge achievement, and the community credit unions in our circle here are difficult to handle, but to be part of the 21 strong ones in the country is a big achievement,” he said, encouraging more residents to join the cooperative.
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Source: www.myjoyonline.com
