MRCG Credit Union holds AGM

By Fatou Gassama

Members of MRCG Credit Union met on Saturday at MRC premises for the institution’s annual general meeting (AGM) to review financial results, celebrate achievements, and set priorities for the year ahead.

Chairperson Lamin Bojang thanked members for their continued trust and support and reported steady growth in membership, savings, and loan services in recent years. He said the Board has fully implemented the Compliance Framework for Credit Unions in The Gambia, a document designed to strengthen credit unions, promote sustainable transformation of the financial sector, and increase representation of women and youth across West Africa.

Bojang credited the Supervisory Committee (SC) for keeping the Board accountable and ensuring operational discipline. “This committee meets twice weekly, held more than 100 sittings, and oversaw the disbursement of 786 loans in 2025,” he said. Loan breakdown: 431 normal loans, 205 festive loans, 102 school-fee loans, 46 consumer loans, and 2 emergency loans.

The Board also made short-term investments to diversify revenue and reduce reliance on interest income. Interest on loans accounted for about 96.8 percent of revenue in the period under review, down from 99.7 percent previously.

As resolved at the last AGM, the Board implemented a share-capital increase which saw members’ shares rose from 18 to 25, at D600 per share, to strengthen the union’s capital base.

Treasurer Saidina Babucarr Ceesay (MRCG at LSHTM CCU) presented the audited financials for the year ended 31 December 2025, which had been circulated to members for review. Key figures include:

Member savings: D130,325,990 (up from D127,665,446 in 2024), a net increase of D2,660,544.

Loans outstanding: D98,394,902 (down from D104,994,611 in 2024), a decline attributed to the 75 percent repayment requirement before refinancing.

Net operating income: D9,168,959.

Total operating expenses: D5,232,968.

Net surplus: D3,935,991.

Total assets: D162,831,425 (up 5 percent from D154,598,515), a net increase of GMD 8,232,910.

Performance ratios show strong financial health: savings-to-assets ratio at 80 percent; operational self-sufficiency at 221 percent; management expenses-to-income at 40% (well below the 60 percent ceiling); and portfolio-at-risk at 1 percent, significantly better than the 5 percent benchmark.

Ceesay thanked the Board, committees, management, staff, and members for prudent stewardship and steady progress.

Registrar of Cooperatives Abba Sankareh praised MRCG-CCU as one of the country’s most successful and compliant credit unions and urged the union to sustain its momentum.

The AGM closed with a vote of thanks, followed by refreshments and member networking.