Management of the TEK Co-operative Credit Union has held an engagement with staff of the KNUST Obuasi Campus, outlining its financial products, membership requirements and benefits as part of efforts to expand participation within the university community.
The delegation was received by Mr. Daniel Kumi-Djan, Deputy Registrar in charge of General Administration, and the meeting brought together junior staff, senior staff and senior members of the campus.
Addressing participants, the General Manager, Mrs. Mercy Opare Boakye, said the visit was aimed at familiarising staff with the operations of the Union and encouraging membership. She said the Union, established in 1970 and affiliated with the Ghana Co-operative Credit Union Association since 1992, was mandated to promote savings, provide affordable credit and deliver financial services to members within and beyond the university community.
Mrs. Boakye said membership was open to interested staff upon payment of a GHS 20 admission fee and a minimum monthly savings contribution of GHS 20. Members become eligible to apply for loans after six months of continuous savings, subject to policy requirements and affordability assessments.
The Finance Manager, Mr. Johnson Opoku, later outlined the Union’s products, including savings and current accounts, shares, fixed or term deposits, loans, kiddy accounts and a student hostel facility. He said loans attract an interest rate of 1.6% per month on a reducing balance, with flexible repayment options and no penalties for early settlement.
During an interactive session, staff raised concerns about guarantor obligations, loan repayment terms, end-of-year benefits and payments after the death of a member. Management explained that guarantors are liable when borrowers default or abscond, but are discharged once obligations are honoured or, in cases of death or permanent incapacitation, where loan insurance has been duly paid.
On end-of-year benefits, management said the Union shares interest on savings and dividends on shares annually, adding that members may collectively decide to use accrued interest to fund Christmas packages instead of cash payouts. The explanation, however, drew strong reactions from several staff, many of whom expressed a preference for receiving their interest and dividends directly.
Management further clarified that benefits after the death of a member are paid strictly to nominated beneficiaries upon submission of the required legal documentation.
The engagement also featured remarks from Prof. Dadson Awunyo-Vitor, a former chairman of the Union, who encouraged staff to take advantage of the Union’s services to support long-term financial security.
The visit ended with a renewed call on staff of the KNUST Obuasi Campus to consider joining the TEK Co-operative Credit Union as a platform for savings, credit access and financial wellbeing.
