UEW Co-operative Credit Union marks 23rd AGM, promotes financial literacy and entrepreneurship among students

The UEW Co-operative Credit Union Limited recently held its 23rd Annual General Meeting (AGM). The event focused on encouraging students, especially at AAMUSTED, to embrace financial literacy and entrepreneurship.

The credit union ranks 3rd in the Central Region and 7th nationally. It aims to empower students through savings and loan access.

AAMUSTED’s Pro-Vice Chancellor, Professor Isaac Boateng, spoke at the meeting. He highlighted the university's goal of equipping students with technical skills and financial knowledge.

“Many students have business ideas but lack capital,” he said. “We are integrating financial literacy into our curriculum to help them save.”

He also promoted collaborative entrepreneurship among students.

“Students can pool their savings to start a business together,” he explained. Each member can act as a shareholder and share profits.

Professor Boateng noted that many young people fear partnerships due to misunderstandings. The university aims to close this knowledge gap through education.

Mr. Charles A. Kofi, Board Chairman of the credit union, echoed this vision. He emphasized the union’s commitment to supporting those who believe in its philosophy.

He announced that the minimum share requirement has increased from GHS300 to GHS600. Members can access various loans including Regular, Special, Kiddie, Agriculture, and Micro loans.

“Loan amounts depend on a member’s total savings multiplied by three,” Mr. Kofi explained. He encouraged students to start saving early in their academic journey.

Even small contributions can grow into significant capital over time. However, he acknowledged that getting students to save is challenging.

“It’s tough for students to think long-term about saving,” he said. “But those who do will benefit when starting a business.”

Mr. Kofi assured members of flexible interest rates and adjustable repayment conditions based on individual needs.

“We urge students to support the credit union during school,” he stated. “It’s a financial support system that grows with them.”

The partnership between AAMUSTED and the UEW Co-operative Credit Union aims to create financially literate entrepreneurs.

The AGM celebrated past achievements while inspiring future generations toward financial independence.