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27.02.2006 Business & Finance

CUA to introduce new product

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Ho, Feb 27, GNA - The Credit Union Association (CUA) is introducing a new product to be known as The Home Banking Scheme. Under the scheme, a home banking savings iron box will be developed and given to clients to carry home and drop their daily savings in them according to the amount they can afford.

This was made known by Mr Paul Kotobridja, National Chairman of CUA Board of Directors, at the 10th Annual General Meeting of the Ho District Teachers' Co-operative Credit Union on Friday. He said the box would have two keys, an ordinary and master keys.

Mr Kotobridja, who is also Chairman of the West African Conference of Credit Unions, said the member would keep the ordinary key while personnel of the Credit Union would keep the master key and at the end of the month, the box would be opened and the amount found in it credited to the member's account.

He said the aim of the new product was to encourage the urban and rural poor to have access to a convenient depository facility that would accept any form of savings for long-term purposes. Mr Kotobridja said the CUA would also operate a "Human Resource Pool" programme under which young but unemployed accounting graduates would be engaged and trained to be attached to various credit unions which would lead to final employment.

He said the image of the Credit Union is improving and appealed to the general public to embrace it in view of the enormous benefits that accrued to members. The Ho District Teachers' Co-operative Credit Union, which was formed in 1995 with 15 members, now has a membership of 2,179.