Catholic Susu Exercise Transforms Into Credit Union

A Susu collection scheme among the parishners of the Queen of Peace Catholic Church in the Madina metropolis has been transformed into a credit union dubbed Queen of Peace Co-operative Credit Union.

The union after thirty three years of operating as a Susu collection scheme in a kindergarten classroom block within the church premises now has an ultra-modern banking hall.

In 2013, the union acquired a license from the Department of Co-operatives to operate as a full fledge cooperative credit union.

The union since then has joined the Credit Union Association (CUA) of Ghana, the body that regulates the operations of all co-operative credit unions in the country.

The union reporters learnt has deposited a statutory amount with the CUA to safeguard the investments of customers in case of any eventuality in the country.

Speaking at the inauguration and dedication ceremony of the ultra-modern office complex of the credit union in Madina near the Constituency office of the opposition New Patriotic Party (NPP), Mr. Bernard Zielley, the Manager of the credit union said the union was established in 1982 with the motive to collect Susu among Parishners of the church.

He explained that credit union which started in a modest place in the church, now has a customer population of three thousand and five hundred (3, 500) customers across the various Catholic churches in the La-Nkwatang Municipal Assembly.

He was quick to add that their customers base spans from non-Catholic members also in the municipality over the years.

According to him, from a humble beginning from a kindergarten classroom block; the credit union on August 8, 2014 started the construction of an ultra-modern office in a prime area of the municipality.

He noted the credit union together its Board of Directors, chaired by Mr. George Bannor intends to rent the remaining office space to prospective tenants to augment the branch drive of the union.

He enumerated that hitherto, one of the major challenges that confronted the union was the operation of the manual system but, the transition from manual to electronic in 2012 has made accounts of the unionsmooth hence the success chalked today.

He said in view of the license acquired as a cooperative credit union, the union has revised its mode of operation and has embarked on a membership that has led to other sister church members and ordinary members in Ashalley Botwe, Haatso, Oyarifa and its environs yearning to be part of the fund.

He said every Sunday the union details officers to the various churches in the above mentioned areas to collect contributions from customers.

He stressed that loans default on part of customers has been a challenge over the years but since the union engaged the services of UT Debt Collection Company limited to reclaim debts from defaulting members, the situation has improved