Credit unions urged to embrace technology to deepen member value

Professor Samuel Simpson, an Associate Professor of Accounting, Governance, and Sustainability at the University of Ghana Business School, has urged credit unions to embrace smart technologies to enhance services and increase member value. He emphasized that technology could make credit unions more appealing, especially to younger generations, while simultaneously improving accessibility, efficiency, and financial inclusion.

During the 24th Annual General Meeting of the Controller and Accountant General’s Employees Cooperative Credit Union (CAGECCU), held in Accra, Prof. Simpson emphasized the importance of leveraging mobile applications and other digital platforms for account access, balance checks, transfers, payments, and information retrieval. He expressed excitement at the Union's decision to vote electronically, urging further digital adoption across all aspects of its operations.

Prof. Simpson stressed the potential of technology to bolster transparency through transaction records and audit trails, but cautioned about cybersecurity risks and the need to safeguard passwords and mobile devices. He cautioned members against unnecessary withdrawals from savings, recommending loan options instead to continue earning interest on deposits.

The Board of Directors' report showcased a 8.75 percent increase in membership from 2024 to 2025, a 17.75 percent rise in total assets, and a 19.90 percent growth in members' savings. However, impairment losses on locked-up investments led to net deficits in net dividends for 2024 and 2025. The Board elected new leaders, including Kofi A. Agyen as Chairman, to steer the Union towards becoming one of Ghana's top-performing credit unions through innovation and responsible leadership.