We have been meeting with the board of Madina Teachers Credit Union and reviewed our comments and suggestions with them on Monday. One item in particular we noted was that a previous audit identifed that not all elected committee members and board members had the minimun 100 cedi share requirement to be a member (and in effect disqualify them from serving on the board). This new board is committed and engaged with their responsibiliites. They had disucssed this and agreed this was a necessary pre-requisite to good governance and as we spoke about this, Madame Efua slipped away to her handbag and returned with a 20 cedi note, passed it over to the treasurer and with satisfaction, commented that she too is now a full and complete member! She now had the required membership shares. Let shope this sets an example for any other baord member or elected committee member that may be short of member share balances. (Note that a member can fall short of minimum share balances as a result of changes to the requirements due to mergers or rules changes in the credit union)
We had many suggestions for MATCU ranging from:
– delegating authority to the manager to approve more routine, smaller amount loans, rather than all loans going to the credit committee,
– engaging a loans officer to address loan delinquency,
– providing more staff resource to complete the data conversion from paper to the computer system
I am quite confident the board will address these and the other suggestions we had for them. The board is committed to the credit union success and the manager has expertise that will benefit the credit union.