Volta Lake Co-operative Credit Union Ltd

Dirty money has no place in our economy, whether it comes from corruption, drug deals, the illegal guns trade or trafficking in human beings. We must make sure that organised crime cannot launder its funds through the banking system or the gambling sector. Our banks should never function as laundromats for mafia money, or enable the funding of terrorists.

Bank of Ghana Financial Literacy on Money Laundering
https://www.bog.gov.gh/wp-content/uploads/2024/04/Infographics-on-Money-Laundering.pdf

أتمنى أن يكون عيد الفطر هذا احتفالًا مباركًا وبهيجًا لا يُنسى على الجميع.

Happy Independence Day

VOLTA LAKE CO-OPERATIVE CREDIT UNION (VLCCU) HOLDS 7TH ANNUAL GENERAL MEETING (AGM)

The Volta Lake Co-operative Credit Union (VLCCU) Limited at Akosombo in the Eastern Region has held its 7th Annual General Meeting (AGM) for its members at Akosombo. The meeting marked the second direct engagement with all stakeholders of the Union since the disruption caused by the Covid-19 pandemic in the year 2020.

The VLCCU was incorporated on 5th June, 2000 as a Non-Banking Financial Institution that offers financial services to its members in the form of accepting deposits, granting loans and financial counseling amongst others. Though initial membership of the Credit Union was limited to the Volta Lake Transport Company (VLTC) Limited employees, the membership structure has changed in recent years to include other government and private institutions, individuals, churches as well as small and medium scale enterprises.

The Chairman of the Board of Directors, Mr. Moses Kwabena Lumor told the meeting that the Credit Union’s assets grew from One Million, Five Hundred and Twenty-Six Thousand, Two Hundred and Twenty-Six Ghana Cedis, Thirty-Nine Pesewas (Ghc1,526,226.39) in December, 2021, to One Million, Seven Hundred and Seventy-Eight Thousand, Two Hundred and Forty-Seven Cedis, Thirty-Four Pesewas (Ghc1,778,247.34) as at December, 2022, representing a 16.51 percent increase.

According to him, Member Savings also grew from One Million, Two Hundred and Thirteen Thousand and Ninety-Nine Cedis, Thirty Pesewas (Ghc1,213,099.30) as at December, 2021, to One Million, Four Hundred and Forty-Two Thousand, Two Hundred and Eighty-Eight Ghana Cedis, Forty-Six Pesewas (Ghc1,442,288.46) as at December, 2022. This represented an 18.89 percent increase.

Similarly, the Society’s Total Shares went up from Two Hundred and One Thousand, Eight Hundred and Thirty-One Ghana Cedis, Nineteen Pesewas (Ghc201,831.19) as at December, 2021 to Two Handred and Thirty-Eight Thousand, Nine Hundred and Ninety-Three Ghana Cedis, Eleven Pesewas (Ghc238,993.11) as at December, 2022, representing an 18.41 percent increase.

Mr. Lumor also thanked the combined efforts of the education committee and the office team which, according to him, led to a 23.29% growth in membership from 820 members as at December, 2021 to 1,011 members by the end of December, 2022.

The Board Chairman announced that net loans of members rose from Five Hundred and Sixty-Three Thousand, Two Hundred and Seventy-Three Cedis, Thirty Five Pesewas (Ghc563,273.35) as at December, 2021, to Seven Hundred and Forty-Nine Thousand, Four Hundred and Three Ghana Cedis, Forty-Three Pesewas (Ghc749,403.43) as at December, 2022, representing 33.04% increase in growth.

The Board Secretary, Mr. Daniel Nyatuame, Ms. Mary Lawson, Mr. David Adjei as well as Ms. Dorcas Ofori Akyeama, took their turns to present to the members, reports of the Board of Directors, Loans Committee, Supervisory Committee as well as Auditors Accounts respectively. The Board Treasurer, Mr. Paul Seidu Gariba also presented the Union’s 2024 Budget for acceptance by the members present.

The Head of Development and Planning Services of the Ghana Cooperative Credit Unions Association , Mr. Josuah Akweteh, used the occasion to renew his appeal to members not only to take the Union and its activities and operations seriously but also support the Board of Directors (BODs) and other executives to move the Union forward.

Responding to a couple of questions raised by members of the Union in an open forum, the Manager of the VLCCU, Mr. Sedem Akafo, assured the stakeholders of the Union’s resolve to improve further on its operations in the coming years.

The AGM elected a five (5) member Board of Directors (BODs) and other Committees to steer the affairs of the Union for the next four (4) years. The new BODs are under the Chairmanship of Captain Seini Abdulai who lauded the out-going Board Members for the modest achievements and successes chalked for the Union over the years.

A twenty-one (21) year old staff and Mobile Banker of the Union, Mr. Joseph Tetteh was adjudged the Best Worker for the year 2022. He received a beautiful citation in appreciation of the impact he has made on the operations of the Union.

Another Mobile Banker of the VLCCU and twenty-one (21) year old staff, Mr. Kingsley Ologo was also lauded for cultivating a savings habit at the age of eleven (11) years which has positively impacted his life over the period. Mr. Ologo, who is currently pursuing his Bachelor of Science (BSc) degree programme in Accounting, at the University of professional studies,Accra, urged the youth to cultivate the habit of saving little moneys they get religiously.

The out-going Board Chairman, Mr. Moses Kwabena Lumor said the out-going Board is leaving a solid, viable and sustainable VLCCU for the new Board and the entire membership.

END

It's this SATURDAY, OCTOBER 21, 2023 || ICGC, Jesus Temple, Koforidua || || || There are Credit Unions all over the country, join one today|| We are a HAPPY FAMILY. || Members Helping Members ||

Eid Mubarak! May Allah accept your sacrifice and reward you generously!

Happy Mother's Day to all the lovely, loving moms out there. Every last one of you is AMAZING.

You deserve it! On this Labour Day, let us celebrate the achievements of workers around the world and renew our commitment to creating a more just and equitable society for all. May the spirit of solidarity and unity that defines the labor movement inspire us all to work together towards a brighter future. Happy Workers' Day.

Wishing all our Muslim brothers and sisters a happy Eid. May Allah flood your lives with happiness on this special occasion.

O death, where is thy sting? O grave, where is thy victory? Hallelujah CHRIST Is Risen. Happy Easter.

In this season of reflection and joy, we wish you and your family a happy Easter. Thank you for choosing us. 🙏 🤲

NOTICE OF ELECTION:
Dear member, we are pleased to announce that, the electoral process for the election of the next Executives of the Volta Lake Cooperative Credit Union has begun from NOW till April 28, 2023. Further details can be found at https://rb.gy/nmjyxb

Ramadan Mubarak to all our Muslim brothers and sisters. May this special month bring peace and happiness to everyone.

The Volta Lake Cooperative Credit Union Limited (VLCCUL) on Friday, December 30, 2022, held its 6th Annual General Meeting at the Evangelical Presbyterian Church, Ghana - Akosombo under the theme “Repositioning The Credit Union To Meet The Challenging Economy”

Mr. Moses Kwabena Lumor, chairman of the Board of Directors, stated that the event was a statutory requirement for good governance, accountability, and transparency. In his annual Board Report, he noted that the union maintains its fundamental responsibilities of safeguarding members’ savings and availing low-interest rate loans to members as evidenced by increases in the society's savings and loan portfolios.

The Credit Union saw a 17.13% growth in its assets and 30.37% in its membership. A 36.73% investment growth and 26.42% growth in its loan portfolio as of 31st December 2021.

Mr. Lumor paid glowing tribute to the pioneer members, past board members, and managers who worked tirelessly over the years to propel the growth and development of the credit union.

He admonished members to keep faith with the Volta Lake Co-operative Credit Union Ltd and increase shares and savings to make the Union stronger and viable.

The shareholders during the meeting discussed the 2021 financial report, and expectations for subsequent years.

In her Keynote address, the Managing Director of the Volta Lake Transport Company Ltd, Mrs. Rose Appiah Okyere admonished the Board and Management to pursue a Strong and diversified membership base, Embrace Digitalisation, Adhere to Good Corporate Governance practices, and work to ensure that the Credit Union is very visible in all the communities it operates.

In attendance were Mr. Bismark Adusei the Eastern Regional Director of Cooperative, Madam Cynthia Ayisi the manager of Ghana Cooperative Credit Unions Association Eastern Regional Chapter, Ms. Dorcas Ofori Akyeama the Chapter Audit officer, Mr. Charles Amey Dzoboku the Asuogyaman District Cooperative officer among others.

Below are pictures from the ceremony

We offer lower rates, lower fees, higher savings rates, and a more personalized approach to customer service. It's absolutely easier to obtain a loan with a credit union than other financial institutions. Join us today for a happy lovely life.

Credit Unions give loans at competitive interest rate to their members. This and more, the reason you must join the happy family this christmas season.

We remain SAFE and RELIABLE. Like all Credit Unions, our motive is to take care of our members, not to make a profit off of them. You'll suffer no "haircut" with us. Join us and let's help you manage your funds like a BOSS.✌

'The souls of the righteous are in the hand of God' - Wisdom 3: 1

The Answer to today's riddle is FUTURE

Here are the names of all persons who answered today's riddle correctly. We appreciate your participation.

Financially literate consumers not only manage money with more confidence, but also have a better chance of handling the inevitable ups and downs of their financial lives by understanding how to prevent and manage issues as they arise. 👇

Never guess about your finance, always BE SURE. Join the Volta Lake Cooperative Credit Union today and let's help you manage your finance like a .

WE'RE HIRING

Volta Lake Co-operative Credit Union Ltd updated their phone number.