The New Fadama Co-operative Credit Union (NEFCCU) held its 3rd Quarter Management and Members Meeting for the period July – September 2025 on Sunday, 26th October 2025, at the Pentecost Church, New Fadama. The meeting, which began at 2:38 p.m. with an opening prayer led by Miss Monica Serwaa, provided an opportunity for management, board …
The New Fadama Co-operative Credit Union (NEFCCU) held its 3rd Quarter Management and Members Meeting for the period July – September 2025 on Sunday, 26th October 2025, at the Pentecost Church, New Fadama.
The meeting, which began at 2:38 p.m. with an opening prayer led by Miss Monica Serwaa, provided an opportunity for management, board members, staff, and general members to review performance and deliberate on key matters concerning the Union’s growth.
Opening and Welcome
The session was chaired by Mrs. Mercy Nadia Ofosu Boateng, Treasurer of NEFCCU, who warmly welcomed all present and expressed appreciation for their continuous commitment to the Credit Union’s development.
The agenda covered reports on financial performance, operations, welfare, staffing and training, and future plans.
Financial Performance
Presenting the quarter’s financial report, Mr. Kennedy Amoako, Manager of NEFCCU, revealed that the Union recorded a total revenue of GH¢486,427.98, marking a 1.97% decline from the previous quarter’s GH¢496,181.16 but representing 73% achievement of the annual budget.
He explained that the performance was influenced by loan repayment trends and declining Treasury Bill rates, which dropped from 30.15% in January to 12.9% by September 2025.
The Union’s total investment value stood at GH¢7,366,169.99 as of the end of September 2025.
Loan Report
Mr. Amoako further reported that 32 members accessed loans between July and September, compared to 37 members in the previous quarter.
Loan disbursement declined by 29%, from GH¢741,000 to GH¢523,000, while interest on loans also decreased.
He urged members to continue taking advantage of the loan services and to ensure prompt repayment to sustain the Union’s financial health.
Member Welfare
On welfare, 254 members have enrolled in the scheme, which provides support in times of illness, marriage, childbirth, and bereavement.
During the quarter, benefits totaling GH¢1,300 were paid out to support affected members.
Mr. Amoako encouraged members to update their beneficiary details to ensure smooth processing of future claims.
Staffing and Training
Two new staff—Mr. Daniel Adongo (IT/Credit Officer) and Miss Patience Bondzie (Member Care/Marketing Officer)—were introduced, alongside interns Miss Laad Hajara and Mr. Mark Akom, serving a three-month term.
Additionally, Miss. Afua Agyapong (Compliance/Audit Officer), Miss. Hannah Lamptey (Accounts Officer), Juliana Lawson(IT, Member care Officer) and Mr. Kennedy Amoako(Manager) attended professional training programs on Digital Forensics and Investment Appraisal, building capacity in marketing and an annual GHACCUM conference in Takoradi respectively.
Challenges Discussed
Some challenges highlighted during the meeting included:
Low digital banking usage
High data costs
Weak social media engagement
Incomplete welfare registration details
Issues of third-party withdrawals, especially by minors
Inconsistent member support for maintenance projects
Members’ concerns on unauthorized deductions, account withdrawals by next of kin, and office security were addressed.
Management assured members of improved transparency and operational efficiency.
Future Plans
NEFCCU outlined several initiatives for the coming months, including:
Inter-School Quiz – November 2025
Members’ Carols & Dinner Night – December 2025
Targeting GH¢10 million total assets
Installation of solar energy systems to reduce electricity costs and support internet backups.
Preparations toward the 20th Anniversary Celebration in 2027
Welfare Presentation
Mr. Amoako presented the NEFCCU Welfare Package, designed to support members in both happy and difficult moments.
He explained the three available tiers:
Package Monthly Contribution Coverage
Standard GH¢10 Illness & Naming Ceremony
Silver GH¢18 Father & Mother
Platinum GH¢50 Parents & Children
He also outlined the required documentation, including death certificates and valid registration details, and emphasized that false claims attract penalties.
Members asked questions regarding child registration, replacement of deceased parents, and benefit eligibility, which were addressed satisfactorily.
Mr. Amoako added that non-beneficiaries still receive end-of-year packages such as rice and oil.
Partnership with Mab International Hospital
As part of NEFCCU’s commitment to members’ wellbeing, Mab International Hospital, located at Darkuman Nyamekye, was introduced.
The hospital conducted free health screenings for breast cancer, blood pressure, and sugar levels during the meeting.
Members were also informed of a 10% discount on medical bills at the facility for all NEFCCU members.
Announcements
The Chairperson and Manager made key announcements, including:
– Encouragement for members to activate and use the USSD code for easy transactions.
– Observations of reduced loan collections and ongoing discussions about the use of passbooks.
– Reminder about the funeral of Dorcas’ mother on 28th November 2025 at Adeiso, and Mr. Amoako’s grandfather’s funeral on 8th November 2025 at Doryumu-Shai Hills.
Closing
The meeting was adjourned at 4:15 p.m. following a motion by Mr. Kwaben Akwaboah and seconded by Miss Christiana Serwaa.
A closing prayer was offered by Mr. Daniel Asare, Loans Chairman.
In his final remarks, Mr. Kennedy Amoako, Manager of NEFCCU, expressed gratitude to all members for their active participation and dedication to the Union’s vision.
Prepared by:
Patience Bondzie – Member Care Officer / Secretary, NEFCCU
Approved by:
Mr. Kennedy Amoako – Manager, NEFCCU
Date: 31st October 2025
Newsletter
Keep in touch with our news & offers
