Ansumana F. Sanyang, Deputy Superintendent of Police (ASP) who is also Chairman of the Gambia Police Force Cooperative Credit Union (GPFCCU) revealed that the union recorded unprecedented growth in the year under review despite the crisis world economy, revealing that the union’s savings increased from D178,960,522.00 in 2019 to D207,124,017.00 in 2020.
“GPFCCU has managed to register successes over the past year and among them, the online banking platform with the objectives of enabling members to access their accounts and other needs. The opening of new regional branches in Janjangbureh in CRR and Basse in URR, is a clear indication that the union is working in the best interest of its members.The balance sheet of the union for 2020 shows total assets of D327,944,138.00 compared to 2019, which amounts to D266,061,788.00, indicating an increase of 23%, while savings also increased from D178,960,522.00 in 2019 to D207,124,017.00 in 2020, which shows 16% growth,” he said.
Sanyang, who was speaking in Lower Mansajang in the Upper River Region (URR) at the union’s annual general meeting which coincided with the opening of a new office in Lower, said the growth in the number union membership had also increased from 11,325 in December 2019 to 11,837 in December 2020 symbolizing a growth of 4.5% which necessitates the need to embark on a rigorous crusade to solicit membership by contacting unregistered officers in other sister forces. The theme for this year’s AGM was “Managing Credit Unions in the Age of the Global Pandemic”.
“The loan portfolio also increased from D137,299,638.00 in 2019 to D195,842,537.00 in 2020, showing an increase of 43%, while the net surplus shows D9,163,747 in 2020 compared to D3,964,289 .00 in 2019, an increase of almost 131%.”
Pa Singhateh, Managing Director of GPFCCU, said, “Government actions aimed at curbing the rate of transmission have affected GPFCCU in terms of operations and lending, and delayed its activities to achieve its objective as it stands. included in its 2019 to 2021 strategic plan.”
Mr. Sinhateh said that the GPFCCU will continue to stand by its members in any situation to meet their needs through financial interventions or loan products manifested in the launch of new products such as auto and home loans.
The first President of GPFCCU Rtd. Sarjo Keita expressed his joy for the successes recorded in terms of assets, surplus and membership growth, which shows that the fight was worth it.
Deputy Inspector General of Police, URR Commissioner of Police Ensa Badjie said that GPFCCU is a formation that brings together sister services and its benefits go beyond expectations.
According to him, the existence of the fund has contributed to the well-being of the leaders by providing them with resources in the form of loans to fulfill their dreams and live a comfortable life.
Statement by the Minister of Finance and the Economy on the occasion of the laying of the first stones of the ultra-modern Airport VVIP Presidential Lounge and the widening of the Bertil Harding motorway