Cultivate savings habit as insurance against financial emergencies

The General Manager of the Ghana Cooperative Credit Unions Association (CUA) Limited, Nana Kwasi Agyepong, has urged the public to develop the habit of saving money to be able  to respond positively to what he described as ‘financial emergencies’.

He observed that many people found it difficult to address emergency cases that required financing because they refused in one way or the other to save and warned against such practice.

At the 10th annual general meeting of the Desire of Ages Cooperative Credit Union Limited (DACCU) in Accra, Mr Agyepong, therefore, advised its members to increase their savings to sustain the union and enable it to provide them with the needed financial assistance when need be.

Innovations

For his part, the Chairman of the Management Board of DACCU, Mr Kwesi Odame, outlined some innovations introduced by the union to facilitate savings.

He said among them was the introduction of a mobile money service to enable members to transact business in the remote areas.

“Currently we have registered with a network provider for the transfer of money,” Mr Odame said.