KUTCCUL adopts measures to curb credit issues

The Kumba Town Cooperative Credit Union Ltd, KUTCCUL, has adopted very stringent but effective measures to curb lending malpractices at the credit union with the high loan delinquency among clients of credit unions in the town.

The president of KUTCCUL, Barrister Teku Collins Oben unveiled this laudable initiative on the occasion of the presentation of the 2014 Annual Report of the micro-finance institution during the 45th Annual General Meeting AGM that took place on Saturday March 7, 2015.

The AGM took place at the KUTCCUL Plaza which is currently one of the best office buildings in Meme division. It was attended by representatives of sister Credit Unions, especially in the South West Region and witnessed the presentation of the supervisory committee report, women's committee report, youth report, management report and statement of account, audit report and the proposed 2015 budget.

In his report, subdivided into various heads, Barrister Teku Collins thanked the Board of Directors BOD of KUTCCUL for the confidence and unflinching support and encouragement they have manifested ever since he became the Board President in spite of the trying times.

He noted that the year 2014 was a very challenging one for KUTCCUL as both operational and external issues affecting the management of the association.

But Teku Collins said that despite the odds, the Board remained focused all through the year; it engaged all its energy and time to correct the actions of some staff, who showed signs of undesirable behavior especially in the area of loans award and recovery.

Talking about the worrying issue of loan delinquency, Teku Collins announced amidst rousing applause that though the loan delinquency is still high due to some recalcitrant members, the BOD has adopted very stringent but effective measures to curb lending malpractices.

Barrister Teku also addressed issues like the COBAC prudential norms, fire disaster, theft, security, salary code, union directory, loans, ATM, Sunday collection, VIP services, etc.

The BOD report was followed by the youth committee report, audits report and the presentation of the budget, etc.