The Catholic Education Secretariat Credit Union, CESCU, recently held its 5th Annual General Meeting at the Fr. Farell Memorial Hall in Kanifing.

According to Paul F. Gomez, Chairman of CESCU cum Vice Principal of St. Augustine’s Senior Secondary School, the formation of CESCU was to ease members and the society of the burdens of poverty. Being able to save, he said, doesn’t necessarily mean one has a fall-back but it’s just ideal and prudent that a saving culture is embraced and nurtured.

CESCU president revealed that the union also intends to embark on projects and providing opportunities that would help in positively transforming lives.

He announced with pride and pleasure that the union had realized a remarkable increase in its savings and membership as compared 2005.

Savings, Gomez enthused, jumped from D3, 905,891.00 in 2005 to D4, 339,597, showing a percentage increase of 11, adding that loan facilities had though dropped to 10 per cent due to decline in annual income levels.

The Treasurer of CESCU, Anna Sally Badjie, pointed out that the union’s assets have dwindled by 12 per cent, highlighting that CESCU have embraced a policy of smart partnership with reputable institutions such as SCB and Central Finance Facility.

Other speakers at the AGM include Dominic Gomez, who dilated on CESCU’s cross and close collaboration with NAGGUG, explaining that NAGGUG’s trust and confidence in the union rest on the principles of democracy, transparency and accountability as sine qua non for the enviable success of any credit union.