CREDIT UNION

CREDIT UNION - Winner’s chapel Ghana is involved in rendering financial service to its registered members in the form of savings and loans. Membership is opened to the church and the branches of the church. The operations are regulated by the department of co-operatives and CUA Ltd.

HISTORICAL BACKGROUND

The idea of forming a Credit Union in Winners Chapel Ghana (WCG) was birthed by the General Overseer, Bishop George Adjeman in early 2009. The General Overseer’s vision was to make members financially self-sufficient. He was led to preach a series of sermons on the theme “The Rich and the Poor” The conclusion of his message can be summed up that: The difference between the Rich and the Poor is that the Rich eats the fruit but the Poor eats the seed.

It was observed by the General Overseer that some members of Winners Chapel Ghana, were used to approaching the church administration for loans or financial supports in times of difficulties. To curtail this sort of harassment the General Overseer conceived the idea of setting up two (2) Financial Arrangements i.e. (1) Making a Million Millionaires and (2) The Credit Union.

PRELIMINARY STAGES 

In furtherance of the above objective therefore, the General Overseer invited Mr. Darko-Mensah, the Regional Manager of C.U.A from CUA Headquarters in March 2009 to educate and encourage members of WCG to embrace the idea of forming the Credit Union in the church.

Initially, the idea caught-up well with many members of the church and the immediate response was very significant. Within a year, from March 2009 to March 2010, as per the 1st Audit Report, as many as 544 members bought and filled application forms with the intention to fulfil all “righteousness” to become registered members of the Credit Union. But unfortunately, less than half of this number eventually paid for the shares which entitled them to be registered members.

THE ESTABLISHMENT OF THE CITY BRANCHES

A landmark event that also affected the operation of the Union is the establishment of the City Branches. Soon after the promulgation of the idea of Credit Union, eleven (11) City Branches were opened and majority of members were scattered all over the city of Accra. The sole officer therefore, had an additional task of visiting the eleven (11) branches and recruiting agents to collect shares and savings on behalf of the Union, with the attendant risk of some of the collected monies not reaching the Credit Union office at Avenor safely.

  1.  Educational Loan
  2. Winners Kudu Nkosua Loan
  3. Daakye Plan
  4. Overdraft Policy
  5. Rental Loans
  6. Work and Pay
  7. School Loan
  8. Quick Loan(Fast Loan)
  9. Church Loan
  • Building: Chapel, Mission House, Church Hall, Administration.)
  • Acquire Musical Instrument
  • Purchase Vehicles, Generators among Others
  1. Group loans

Educational loan

Winners’ educational loan is designed to assist parents in the payment of their wards school fees. This is a short term base on the Academic Calendar.

  • Payment is made directly to the institution in question by winner’s credit union
  • The total amount plus interest must be paid before the end of the term or semester
  • Hostel accommodation can also be assessed

Winner’s Kudi Nkosua Loan

This is a policy mainly for petty traders, food vendors, second hand dealers (boutique) to enable to expand their business.

Daakye Plan: This product is tailored towards the purchase of product to the client such as Equipments, Houses, Land and other properties.

  • It is based on fixed deposit system and requires initial deposit to start with
  • It must be equivalent to the property requested.

Winner’s Investments Plan

This is a policy that helps the individual member to earn higher interest on any amount deposited with WCGCU. The investment ranges from initial deposit of GHC500.00 and above.
The amount invested will matured after every 3 months and rolled over after every three months
One can easily become member by picking a form at a cost of GHC5.00 and making payment of GHC100.00 as shares.
This qualifies you to assess and enjoy the benefits to come after a regular contribution of GHC5.00 weekly or GHC20.00 monthly minimum payment into your account.
To assess loans you must save for minimum from 3 to 6 months before qualifying for loans.
Interest rate is 3% per month and other approval rates, the lowest for all credit union
Payment is made in cash, cheque, mobile money, on daily, weekly and monthly basis depending on the type of business or trade.

Overdraft Policy

Overdraft policies are mainly for members who are salary workers and are cash trap within the month

  • Salary advance loans. It is designed for only short period.
  • Design to meet the customer on a timing intervention and pay at the end of the month
  • Customer shows the salary slip for the past history and a letter from employer.

Rental Loans

This rent product is designed to assist members in renting apartment.

  • Customer looks for the accommodation of where he/she want to rent then provide a rent agreement documents from the land lord.
  • WCGCU takes the rent agreement document and pay directly to the land lord.
  • In case the tenant is not able to pay the loan the WCGCU give the accommodation to a different tenant for refund.
  • The principal and the interest are worked for the customer to pay before the end of the period of tenure ship.
  • The official document is made in the name of WCGCU, after the customer finish paying the loan, ownership then change to the customer name.

Work and Pay Loan

These are assets like cars bought and registered in the name of the company winner’s chapel credit union for client who wants to acquire property.

  • The car amount is tripled and handed over to the customer upon full payment of the amount then the car become his/her property.

School Loan

School loans are designed for school owners. It is normally given during the academic year when school want to purchase stationery, properties like cars, and for repairs and maintenance of school.

  • This product is specifically designed for them to pay within academic term
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