Credit Union members updated on cooperative’s developments |28 September 2015

The cooperative’s AGM in full swing

Members of the Seychelles Credit Union (SCU) have been updated on various aspects relating to the development and future of the cooperative following recent amendments to the laws giving it more autonomy.

This took place during the cooperative’s annual general meeting held on Saturday and which attracted around 300 members.

During the meeting members also approved for a dividend of 5% from the net surplus the SCU made last year to be paid to them and this is 0.5 % less than that paid from the surplus of 2013.

The net surplus for 2014 was R1.866 million showing a decline of R0.070 million compared to R1.936 million recorded in 2013.

The vice-chairman and chief executive of the SCU, Bernard Elizabeth, said people’s interest to join the SCU is still there even though there is the need for them to be encouraged to save more.

Last year SCU membership saw a net increase of 485 members to reach 13,554 from 13,069 recorded in 2013.

In line with recent amendments by the National Assembly to the Credit Union Act, members approved for Ingrid Sinon, a person with many years of experience in the financial field, to replace Mr Elizabeth with effect October 1 and lead the SCU through the extended mandate of the present board until the election of a new board. This will take place during an extraordinary meeting of the SCU to be held as soon as the Central Bank completes a review of a list of proposed candidates and other related aspects.

Among different products that the SCU is working on is the forthcoming introduction of ATM cards for its members and this is expected to be effective before the end of the year.

Selby Dora, the SCU board chairman, said among the challenges the SCU still faces are finding ways to better improve SCU services, managing liquidity and dealing with defaulters.