By Mariam Williams
The General Manager of Gambia Teachers’ Union Cooperative Credit Union (GTUCCU), Mr. Baboucarr O. Joof, has recently reassured that they (Credit Union) are willing to work with their members to ensure the vibrancy that their families were used to, prior to the Covid-19 outbreak. And, for their members operating businesses, the Credit Union boss promised that they would ensure their businesses continue floating and not hindered or blocked as a result of the coronavirus disease pandemic around the globe.
The GTUCCU is a registered credit union and affiliated to NACCUG. The members, as per the official information obtained by this medium, are predominantly members of the Gambia Teachers’ Union and Officers of the ministry of Basic and Secondary Education and Higher Education Research and all those who are within the education sector, including their offsprings.
“The GTUCCU is a financial cooperative thriving on the operating principles of a cooperative and the cooperative philosophy. The main activity of the Credit Union is Savings and Credit. Loans in kind have also been introduced in a Consumer Cooperative Unit.”
Meanwhile, speaking to Gambia Radio and Television Services (GRTS) programme, General Manager Joof apprised that they are waiting for their members to come to GTUCCU with issues that they could help them with. He pointed out that they have opened their common bond some years ago, and have members who are not on government payroll, whose source of revenue is threatened by the lockdown.
“We will be very happy to receive them because credit unions are meant for times like this,” the financial cooperative General Manager stated.
He reiterated his call for members to approach the Credit Union so that they could work with them through their troubled businesses and support them so that the impact of the lockdown does not render their businesses sterile.
According to Joof, they have a special concern for those who were getting additional revenue from study classes and other sources but which will be blocked due to the outbreak. He pointed out that some of these teachers were using those resources to pay rents, take care of their familes and personal matters, amongst others. He again urged them to approach the credit union and talk to them as solution providers.
The Credit Union GM further reassured that they are not quite threatened-liquidity wise, and would be fine as long as government continues paying salaries irrespective of the lockdown.
The GTUCCU, he informed, has taken several measures to contain and manage the spread of Covid-19 as well as ensure that all its staffers are protected by sensitizing them. He added that they have reviewed the guidelines given by WHO and the Ministry of Health, instituted hand washing in all their offices, temperature checking, registration for contact tracing, scaled down staff to decongest offices, ensured staff do not join public transport, introduced quarters, ensured tellers wear masks and gloves, clean surfaces every hour, among other safety measures.
“In addition to these measures, GTUCCU supported government in their efforts to reduce and contain the spread of Covid-19 by donating two hundred thousand dalasi (D200,000) through the Ministry of Health,” disclosed Joof.
However, he pointed out that, this is an important time for decisions {to be made} around compliance, governance and regulations as Credit Unions are regulated by the Registrar of Cooperatives complimented by some Acts of the Central Bank.
He also said they couldn’t hold an AGM given the directives coming from government that no more than 10 people can assemble, adding that failure to have their AGM also means resolutions are not going to be passed, they can’t elect new Board members, approve annual accounts and appoint auditors of the credit union, as these could only be done at AGM.
However, GM Joof asked for some level of degree of flexibility and directive from relevant authorities in applying those regulations so that they continue to survive while being compliant.
