A Susu collection scheme of the Queen of Peace Catholic Church in Madina, Accra has been transformed into a credit union dubbed Queen of Peace Co-operative Credit Union.
The union currently has an ultramodern banking hall after 33 years of operating as a Susu collection scheme in a kindergarten classroom at the premises of the church.
In 2013, the scheme acquired a license from the Department of Co-operatives to operate as a full fledge cooperative credit union.
The union has since joined the Credit Union Association (CUA) of Ghana, a body that regulates the operations of all co-operative credit unions in the country.
Bernard Zielley, Manager of the credit union, who was speaking at the inauguration of the ultramodern office complex of the credit union in Madina, Accra, said the union was established in 1982 to collect Susu from parishioners of the church.
He explained that the credit union, which started in a modest place in the church, now has 3, 500 customers across the various Catholic churches in the La-Nkwatang Municipal area.
One of the major challenges that confront the union is the operation of the manual system, but the transition from manual to electronic in 2012 has made accounts of the union smooth, hence the successes chalked in recent times, Mr Zielley said.
He said loan defaults on part of customers has also been a challenge over the years but since the union engaged the services of UT Debt collection company limited to reclaim debts from defaulting members, the situation has been brought under control.
A Business Desk report