UEW Co-operative Credit Union reduces interest on loans to promote regular savings

The UEW Co-operative Credit Union is taking steps to enhance members' financial security by focusing on regular savings, affordable loans, and digital banking services. The institution, which has been operational for over 30 years, recently commissioned a new building in the Kwadaso Municipality. CEO Mrs. Christina Nelson emphasized the importance of regular savings, urging members to save even small amounts like fifty Ghana cedis monthly.

The Credit Union offers various savings products such as regular savings, child savings accounts, fixed deposits, and fixed savings accounts. They also provide diverse loan products, including regular loans, microloans for petty traders, agricultural loans for farmers, and guarantor loans. Last year, the Credit Union reduced its loan interest rate from 18% to 16%, and this year further decreased it to 13.5%.

The institution has introduced a USSD platform and web portal to improve member accessibility, enabling transactions like savings deposits, balance checks, statement generation, and loan applications via mobile devices. The Credit Union is set for licensing by the Bank of Ghana under microfinance sector reforms, with expected licensing in December 2026.

Mrs. Nelson expressed optimism about the institution's performance this year, attributing its growth to members' confidence and continuous financial management education.