By Kebba AF Touray
The Medical and Health Services Cooperative Credit Union (MHSCCU) held its 2025 Annual General Meeting on Saturday, July 19, under the theme “Save Today, Secure Tomorrow and Build a Healthier Future.” The union has over 8,000 members of the credit union to review achievements, discuss challenges, and set out future plans.
Chairperson of the Board, Horeja Saine, in her report for 2023–2024, described the AGM as “a statutory requirement for good governance, accountability, and transparency,” adding that it aligns with company law provisions requiring the board to report annually to its members.
Outlining the year’s major developments, Saine said, “Pursuant to the outreach expansion drive and bringing services to the doorstep of our esteemed 8,000 members, a new branch in Jarra Soma was commissioned in 2024, giving rise to the total number of branches across the country to eight, including our magnificent headquarters in Kanifing.”
She further revealed that MHSCCU had taken steps to match this expansion by hiring more staff: “MHSCCU had recruited additional Tellers, Operations Officer, Loans Officer, Marketing Officer, Internal Auditor and IT Assistant. We now have a skilled workforce of 30 staff and plans to recruit more staff in the near future.”
In a move to further solidify its presence in the Lower River Region, Saine disclosed that “MHSCCU has secured a land in Soma measuring 20 by 25 aimed at housing both the MHSCCU office and staff quarters in the long term.”
On the opening of the union to new members, she said: “Since the introduction of the open common bond at the 2021 AGM, several institutions have now joined the MHSCCU and more are expressing willingness to do so.”
She also highlighted a significant institutional milestone: “In line with the new compliance framework, MHSCCU was one of the first credit unions to have its revised and compliant bye-laws approved by NACCUG and signed by the Registrar of Cooperatives.”
Saine noted MHSCCU’s global engagements, saying, “Our Vice Chairperson of the Board and the FAM represented MHSCCU at the 24th SACCA Congress in Kenya in 2024, which was attended by over 42 countries including the US and the UK.”
“One key take-home message from the congress was the need for credit unions to grow their membership base. Strategies other credit unions are using include a ‘member buy a member’ initiative, meaning incentivizing any member who brings a member,” she said.
She added that other services being introduced elsewhere include pension and offspring accounts, and MHSCCU plans to explore similar options: “In the years and months to come, our great credit union will roll out some of these strategies as a way of encouraging growth in our membership base.”
Highlighting professional development efforts, Saine said the Board had approved scholarships and training for staff: “The Board has approved a master’s degree scholarship for the Operations Officer, a professional accounting course for the DCEO, advanced diploma for the CEO, and an accounting technician course for one of the assistant tellers.”
She also reported that MHSCCU is playing a growing role in national social programs. “The MHSCCU is now paying salaries of several hospitals and is implementing the Nafa Program under the Gambia RISE project through NaNA as a payment service provider. Over 8,000 beneficiary households from Central River Region and North Bank Region have been paid seven rounds of 3,000 Dalasis bi-monthly cash transfers,” she said.
Saine concluded with a positive financial highlight: “After seven successful rounds of payments, more than 6 million Dalasis was paid to MHSCCU as service fees. I am sure these and other activities will increase the credit union’s revenue sources and further consolidate our financial position.”
Treasurer Karim Darboe presented the financial performance of the union. “Our net operating income has increased from D24.8 million in 2023 to D28.1 million in 2024, showing a 13 percent improvement in generating revenue for the union,” he said. However, he noted that expenses also rose during the period. “Expenses have increased from D19.7 million in 2023 to D22.5 million in 2024,” attributing this to “personnel cost, administrative expenses, and annual depreciation and amortisation of intangible assets.”
Darboe announced that the union’s surplus had grown: “The audited financial statements show that surplus has increased from D5.1 million in 2023 to D5.6 million in 2024, representing 9.8 percent improvement in performance.”
He gave assurances to members: “The board and management will work hard to improve financial performance in the coming years by improving income-generating capacity as well as effective implementation of identified internal controls.”
“You are assured that your money will be managed effectively and efficiently, and we will always pay attention to your needs. On that note, I thank you for your attendance and kind attention,” Darboe concluded.
During the general discussion segment of the AGM, members expressed satisfaction with the board’s work, commending them for their leadership. However, they also raised concerns about the union’s loan application process, particularly the requirement to provide up to four guarantors.
Members described the guarantor condition as “a daunting and herculean task” that makes it difficult for many to access credit. The board responded that the concern was valid and said steps had already been taken to review the policy and find a workable solution.
The 2025 AGM concluded with a renewed sense of optimism, as the board reaffirmed its commitment to serve members with transparency, expand services, and build a resilient credit union that meets the needs of its members nationwide.
