Gambia's Airport Credit Union: Loans Outweigh Savings

The Banjul International Airport Co-operative Credit Union (BIACCU) gave more to members as loan than it received as savings in 2011.

The 1033 members of the BIACCU saved eleven million two-hundred and fifty thousand nine hundred and fifty dalasis (D11,250,950) in 2011 and the union disbursed eleven million five hundred and sixteen thousand one hundred and ninety-one (D11,516,191) to members as loan during the year under review. 

However, the treasurer of the Union said, with pride, that only a little number of the members that did not benefit from its loan scheme.

At the 9^th Annual General Meeting of the BIACCU held on 17 May at the Airport, Edrissa Gassama, treasurer of the union, said that in 2011 members’ savings did increase from D9,483,722 in 2010 to D11,250,950 in 2011. 

“This represents an increase of 19% in relative terms in 2011, which indeed is a large sum of money saved by members, and it shows members awareness and commitment to saving,” he said.

With regard to loans, Mr Gassama said the credit union had satisfactorily disbursed loan to applicants on the basis of first come first serve.  The loan given in 2011 represented an increment of 19% from D9,639,303 in 2010 to D11,516,191 in 2011.  “This is a big achievement for all of us,” he added. 

With the high interest rates charged by banks in the country, members of credit unions are now resorting to loans from their unions than going to the banks to take loan with its rigorous requirements for collateral coupled with the prohibited interest rate.

The expenditure of the Airport credit increased by 35% in 2011 from D890,606 in 2010 to D1,201595 in 2011. 

According to the treasurer, this huge increment in 12 months is due to the BIACCU’s participation in national and international events. “A little bit of capital expenditure was also incurred for the renovation of the new office which is being currently occupied by our able staff,” Mr Gassama said. “During the acquisition of this new office from the GCAA a lot of board meetings were held to sort out some administrative issues with the GCAA, thus the increment of board expenses.”

For his part, the chairperson of the union, Baboucarr Fatty, said the BIACCU registered a lot of success stories during the period under review and this was possible thanks to the total commitment and dedication shown by the board of directors, management and staff of BIACCU.

According to Mr Fatty, the board and management of BIACCU had shown very strong dedication and commitment during the year under review.  He said the board continued to guide the management of BIACCU technically and always remained committed and sensitive to the plight of its members. 

On the other hand, he said, the management of BIACCU also displayed very strong and impressive performance during the year review as evident in the achievements registered by the union.

He pointed out that the board and management of BIACCU are currently working on a three year business plan which is nearing completion.  “This plan, when finalized, will give the union a new direction and will further outline all the activities that we need to undertake in our quest to put BIACCU on a very vibrant and strong financial footing.”

Mr Fatty also said in 2011, the already existing relationship between BIACCU and two of its sister institution – Gambia International Airlines and Gambia Civil Aviation Authority (GIA & GCAA) - has grown from strength to strength.  “The relationship remains very strong and will continue to remain unshakable,” he said, adding:  “The two institutions have contributed immensely towards the development of our union from its inception and they are always committed to this course.”