Swedru Teachers’ Credit Union launches 50th anniversary celebration

The Swedru Teachers’ Co-operative Credit Union (STCCU) last Thursday officially launched its golden jubilee celebration at its headquarters in Agona Swedru in the Central Region.

The celebration will be climaxed on October 23, 2020 on the theme: “STCCU @ 50, the golden age to be part of the happy family’’.

The STCCU was set up primarily to reduce poverty and create wealth, bridge the gap between the rich and the poor as well as assist teachers to be masters of their own destinies within the Agona area.

Activities earmarked for the year- long celebration include share top up promotion, inter schools quiz competition, free health screening, conferences and donation to the Swedru Government Hospital.

Glowing tribute

Addressing the event, the Chairman of the Board of STCCU, Mr George Eza, paid glowing tribute to pioneer teachers, past board members and managers of the union who worked tirelessly over the years to propel the growth and development of the credit union.

He stated that in the midst of stiff competition and good corporate governance, the STCCU had remained one of the best run credit unions in the region, stressing that “although the initial members of the union were only teachers, it had been opened up to other public sector workers and those in the informal sector as well”.

He admonished members to keep faith with the union, increase their shares and savings to make the credit union stronger and competitive, saying that STCCU would continue to put in place prudent measures that members’ savings were safe.

“I wish to call on workers of the STCCU to be committed and dedicated to work towards ensuring that the credit union expanded its frontiers to other parts of region” he stated.

Prudent measures

The Central Regional Chapter Manager of the Credit Union Association (CUA), Mr Darlington Boateng, in his address, commended the founder board members and shareholders for their collective efforts that had sustained the operations of the union.

He particularly lauded the pioneer teachers who came together to establish the union 50 years ago with the primary objective of finding an antidote to poverty among basic school teachers in the area.

Important measures

He noted that CUA had put in place measures to support all credit unions across the country, particularly during hard times, saying that “ CUA had created a central finance facility into which funds are contributed by member unions to assist each other in times of crisis”.

“This is an important financial pool that would always be available to cushion member credit unions in times of need” he noted, stressing that with this facility in place, members should be rest assured that their savings with credit unions are safe.

He added that a deposit guarantee scheme had also been instituted to secure the deposits of members so that in case of liquidation, members would not have difficulties getting back their deposits.

He called on members to increase their shares and make regular savings to make the union stronger in today’s competitive non-banking sector and further urged members to pay their loans religiously for other members to benefit.

General Manager

For his part, the General Manager of the STCCU, Mr Joseph Acquaye, indicated that the 50 years existence of the credit union was evidence of its commitment to providing services to better the lot of members.

He charged members to make savings a habit since it was the surest way to alleviate poverty and further encouraged members to top up their shares to receive the accompanying reward.

Brief history

The Swedru Teachers’ Co-operative Credit Union (STCCU), the first credit union established in the Central Region, was officially launched at the Swedru AME

Zion Middle School, now A.M.E. ‘A’ Junior High School (JHS) on April 24, 1970 and operationalised in October 20, 1970 through the initiative of Mr J.A. Biney, who was then a teacher at the Swedru Methodist Middle School.

With an initial membership of 10 made up of teachers from the Swedru Urban Council ‘B’ basic school, it now has a total active membership of 8,435 with a staff strength of 80.

Currently, it has seven branches, two in Agona Swedru with the rest at Agona Bobikuma, Agona Nyakrom, Agona Nsaba, Breman Asikuma and Kasoa.