Women are more trustworthy in loan repayment – Wa Credit Union

By Bajin
D. Pobia, GNA

Wa, Sept. 21, GNA – The Wa Community
Co-operative Credit Union (WACCU) says women are more trustworthy than men when
it comes to the repayment of loans.

Two hundred and ninety-three men are indebted
to the Union up to the tune of GH¢1,086,651.07 as against 83 women owing
GH¢70,986.12 and 61 organisations also owing GH¢ 158,355.87.

Mr Paul N. Seidu, Chairman of the Loans
Committee of the WCCU, at the annual general meeting, said a total number of
437 loan defaulters owe the Union 1,315,993.06.

He said the Union disbursed a total amount of
GH¢5,333,261.63 in the year under review to 605 loan applicants comprising 263
men, 179 women and 163 organisations.

Out of that amount, GH¢2,787,131.77 were given
to men; GH¢1,096,289.14 given to women and GH¢1,449,840.72 were disbursed to
the organisations.

At the end of the 2015/2016 financial year, a
total cumulative number of 659 loans were outstanding, giving a total
cumulative amount of GH¢5,527,807.29.

Four hundred and forty five men accounted for
GH¢4,430,709.78; whiles 124 women and 90 organisations also accounted for GH¢373,172.92
and GH¢723,924.59 respectively, as outstanding loan balance.

He said a total amount of GH¢6,023,349.56 was
received as loan repayment.

Mr Seidu said some defaulters did not adhere
to the financial counseling services offered by the Union hence the difficulty
with the repayment of their loans.

He said some borrowers were not honouring
their repayment installment schedules while the proliferation of financial
houses are also making it difficult in the loan recovery process.

He said the Union has adopted measures such as
phone calls and text messages, visits to members, radio announcements, the
issuance of demand notice and court actions as ways address the situation.


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