The Chief Executive Officer (CEO) of the Cocoa Research Co-operative Credit Union (CRCCU), Mr Eric B. Koranteng, has urged credit unions to adopt affordable lending and digital banking services to improve members’ access to financial services and support their economic activities.
He said credit unions could serve their members better by reducing borrowing costs, adopting accessible digital solutions and strengthening responsible lending practices and measures to protect customers’ information.
Mr Koranteng made the call at the CRCCU’s annual general meeting (AGM), held on the theme, “Enhancing the Image and Resilience of the Credit Union in a Competitive Financial Market”.
He said the union had reduced its loan interest rate from 16.25 per cent to 15.50 per cent to ease the financial burden on members.
The reduction, he explained, followed members’ requests for cheaper loans and was influenced by prevailing macroeconomic conditions, including a reduction in the policy rate. Any further adjustment, he said, would depend on future movements in the policy rate.
Mr Koranteng said the lower interest rate would reduce borrowers’ repayment instalments, enabling them to retain more funds to invest in their businesses, expand their operations and improve profitability.
He said the union had also strengthened its loan appraisal system to assess members’ repayment capacity and the viability of their proposed business activities, while continuing to educate them on responsible borrowing.
On digital banking, Mr Koranteng said the union had introduced an Unstructured Supplementary Service Data (USSD) service that enabled members to check their account balances and recent transactions without an internet connection.
The service, he said, allowed members to access basic banking services regardless of their location or the type of mobile phone they used. It also enabled them to access account information and manage their finances during emergencies without necessarily visiting the union’s offices.
He said the initiative formed part of the union’s efforts to promote financial inclusion and make banking more convenient for members.
Although USSD banking did not itself rely on artificial intelligence (AI), Mr Koranteng said the union had integrated AI into some operational areas, including internal controls and an AI-integrated core banking solution.
He added that staff and officers had received training to improve their understanding and use of the technology.
On data protection, Mr Koranteng said the union had registered with the Data Protection Commission and required staff and officers to take an oath of secrecy. It had also established multiple layers of internal controls to help prevent fraud.
Additionally, he said, the union was undertaking registration with the National Identification Authority to facilitate identity verification.
Meanwhile, the Chairman of the CRCCU, Dr George Ameyaw, said in the union’s 2025 annual report that the reduction in the loan interest rate was also a response to members’ calls for more affordable credit.
According to the report, the union’s total assets increased by 41.13 per cent, from GH¢44.86 million in 2024 to GH¢63.31 million in 2025.
Membership also rose by 26.54 per cent, from 5,120 in 2024 to 6,479 in 2025.
Dr Ameyaw said the growth in assets and membership reflected the union’s financial performance and the expansion of its membership base during the year.
FROM AMA TEKYIWAA AMPADU AGYEMAN, NEW TAFO
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