{
  "id": 16718613,
  "title": "Credit unions urged to embrace digital banking",
  "url": "https://urgent.news/2026/10/27/credit-unions-urged-to-embrace-digital-banking",
  "topic": "world",
  "section": "World",
  "published": "2026-10-27T06:49:23.000Z",
  "source": {
    "name": "Ghanaian Times",
    "slug": "ghanaian-times",
    "url": "https://ghanaiantimes.com.gh/credit-unions-urged-to-embrace-digital-banking/"
  },
  "original_language": "en",
  "account": "Eric B. Koranteng, CEO of the Cocoa Research Co-operative Credit Union (CRCCU), has encouraged credit unions to embrace affordable lending and digital banking services to enhance members' access to financial services and support their economic activities. At the CRCCU's annual general meeting, Koranteng stated that the union had decreased its loan interest rate from 16.25% to 15.50% to alleviate financial burdens on members, following their requests for cheaper loans. This reduction was influenced by macroeconomic conditions, including a decrease in the policy rate.\n\nThe lower interest rate would reduce borrowers' repayment installments, allowing them to retain funds for business expansion and increased profitability. CRCCU has also strengthened its loan appraisal system to evaluate members' repayment capacity and the viability of their proposed business activities. For digital banking, the union has introduced an Unstructured Supplementary Service Data (USSD) service, enabling members to check account balances and recent transactions without an internet connection. This service allows members to access basic banking services regardless of their location or mobile phone type, aiding financial inclusion and convenience.\n\nWhile USSD banking does not rely on artificial intelligence (AI), the union has integrated AI into some operational areas, such as internal controls and an AI-integrated core banking solution. Staff and officers have received training to improve their understanding and use of AI technology. On data protection, CRCCU registered with the Data Protection Commission and implemented internal controls to prevent fraud. The union is also registering with the National Identification Authority to facilitate identity verification.\n\nCRCCU's Chairman, Dr. George Ameyaw, noted that the loan interest rate reduction was a response to members' calls for more affordable credit. The union's total assets increased by 41.13% in 2025, and membership rose by 26.54%.",
  "summary": "The Chief Executive Officer (CEO) of the Cocoa Research Co-operative Credit Union (CRCCU), Mr Eric B. Koranteng, has urged credit unions to adopt affordable lending and digital banking services to improve members’ access to financial services and support their economic activities. He said credit unions could serve their members better by reducing borrowing costs, adopting … The post Credit unions…",
  "key_points": [
    "CRCCU CEO urges credit unions to adopt digital banking and affordable lending.",
    "Union lowered loan interest rate from 16.25% to 15.50% to ease financial burdens.",
    "CRCCU introduced USSD service for basic banking without internet connection."
  ],
  "editors_take": "Prioritizing digital accessibility and lower interest rates signals a shift toward using technology and affordable credit to drive financial inclusion and support the economic growth of credit union members.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}