Mr. Frimpong Badu, the Board Chairman of Dormaa Area Teachers Cooperative Credit Union (DATCCU), has caution loan defaulters to ensure timely repayment of their loans to avert any legal actions from the financial institutions against them. He emphasized the importance of timely repayment of loans obtained from financial institutions to foster trust and ensure continued financial assistance for the public.
Speaking to the media at the Annual General Meeting (AGM) of the Dormaa Area Teachers Cooperative Credit Union (DATCCU), the Board Chairman underscored that financial institutions operate with the capital entrusted by their clientele. Consequently, he stressed that loan defaulters must exercise discipline and ensure timely loan repayments to avert legal repercussions from these institutions. He highlighted that failure to adhere to loan agreements and delays in repayments are the primary catalysts for banks initiating legal proceedings against their clients.
He urged all recipients of loans to prioritize prompt repayment, thereby fostering public confidence in financial institutions and enabling them to extend credit to others in need.
Madam Patricia Nyaaba, the General Manager of DATCCU, remarked that the credit union has experienced remarkable growth, with total assets surging from GHC 57 million in 2023 to GHC 97 million in 2024.
She attributed this impressive expansion to divine favor, the diligent efforts, dedication, and commitment of the management team, emphasizing that the board of directors and the cohesive unity among the entire leadership of the financial institution have significantly contributed to the achievements attained thus far.
Mad. Patricia Nyaaba remarked that a fundamental requirement for the credit union is its shares, which have been elevated from 300 cedis to 500 cedis. She asserted that this increase would bolster the union’s growth, emphasizing that shareholders are afforded the opportunity to become board members and the privilege to hold any available position within the union.
Consequently, she urged all members to invest in shares to ensure the union’s steady growth and the financial sustainability of its members.
Story by: Kwaku Mensah Abrampa (GIFT FM)
