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| The Gambia Teachers' Union Cooperative Credit Union, GTUCCU, the is largest and arguably the most vibrant credit union in the country. It has transformed the lives of teachers and greatly raised their dignity (Photo Credit: Access Gambia) |
By Ebrima Bah, freelance journalist
The General Manager of
the Gambia Teachers’ Union Cooperative Credit Union (GTUCCU), Baboucarr O Joof
has given additional weigh of support to the cooperative’s 2017 delegates to instil
greater financial discipline on its members.
His bold stance came in
address to the students-teachers of the University of the Gambia on Wednesday
at the Brikama campus.
The president of the
university education students association, Alhagie B Sama said his executive
was compelled to engage the management of the GTUCCU by the on-going concerns
of dissatisfaction of teachers on a number of resolutions made by the
cooperative.
He indulged
participants to summarise their daily crossfires on all burning teacher
financial issues to the audience of the management of the credit union.
On behalf of the
taskforce committee called ‘Concerned GTUCCU Members’, Omar Jawara stated that
teachers were first compelled to join the credit union to achieve financial
freedom but their social contract with the cooperative is being undermined by
new regulations.
He pointed out that
members are disappointed with the decision to replace annual meetings of
general membership to bias representation.
Mr Jawara stated that
the idea of increasing members compulsory saving from four thousands to six
thousands dalasi is unjustifiable to a salary earner of two to three thousands,
noting that saving should be left to the choice of members.
He also argued that the
system should rely on its liquidity to finance future projects than sponsoring
resolutions to deduct funds from members.
The GTUCCU manager
reminded members at the meeting that the credit union which is boosting of over
twenty three thousands members was established under the ‘Cooperative Act’ of
1993 with intention to empower teachers.
He noted that annual
resolutions are passed to the credit registry for verification and approval
before they become legally binding.
Mr Joof argued that the
resolution to increase the saving of members is to condition them to save so
that they can live above poverty. “At the credit union, if you save, you must
borrow, and this kind of innovations is what makes us outstanding.”
Upon all, he said the
cooperative is flexible on its financial policies such as the one deterring
members to contract a loan on top of an existing loan, or withdrawing from
savings without complete repayment of loan.
He admitted that the credit
union is interested in more money but for the interest of members. He stressed
that gone are days when a teacher retires after forty years of active service to
a zero dalasi account.
Recently, he recalled, the
female teacher who retired to over one hundred thousand dalasi in her account
is not complaining of a four thousands compulsory saving.
Baboucarr O Joof
further stated that if every teacher insists in withdrawing what belongs to
him, the credit union will die a natural death.
On the issue of
representation, he responded that it is not logistically feasible for the
entire membership of the cooperative to participate in one meeting.
He added that the board
of directors of the credit union have noted down concerns such as loan interest
rates, communication gaps, and real estate schemes to be given due attention.
However, he told them,
“If you feel what is done is not in the right direction, you can bring a
resolution for the decision of the next delegates meeting even if you are not
selected as delegates.”
Development of mixed feeling
The largest and
arguably the most vibrant credit union in the country has transformed the lives
of teachers and greatly raised their dignity.
Its services are
addressing the transport need of teachers in hard to reach areas by giving them
motorbikes on loan in addition to financial loans on lower interest rates than
that of the conventional banks.
Contribution of its
members has established seven outlets across the country including two state of
the art administrative headquarters in region four, and six each as a result of
onetime off deduction.
Another resolution in
reference by the teachers was the recent financial support given to the Gambia
College by the cooperative.
According to members,
the board of directors are likely to introduce more resolutions to support the
establishment of more office branches, consumer shops in different parts of the
country, real estate schemes in the name of teachers.
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