Services GPHA Credit Union Services

Savings

Two types of savings - member savings and withdrawal savings.

Loans

Long Term Loan, Short Term Loan, Special Loan, Education/Funeral.

Shares

Member shares form the financial base of the union

Money Transfer

Withdrawals, deposits, repayment of loans through CUA Link


In accordance with our policies, we offer two types of savings - member savings and withdrawal savings.

Member Savings

The objective is to mobilize savings from members with the purpose of ensuring that members build up savings for a better standard of living both now and future. The savings policy shall cover:

  • Savings mobilization
  • Interest on savings
  • Withdrawal of member savings

The union shall mobilize regular savings from members only at an agreed value on monthly basis. The minimum monthly savings GH¢20.00 for both common and non-common bond members. Any member whose savings fall below the minimum amount shall have his/her membership automatically ceased. Members who do not contribute regularly shall not receive assistance in any form.

Members savings shall serve as guarantee or security for loans that would be contracted from the society hence members' savings cease to be withdrawn. Interest on savings shall be credited to members either quarterly, half yearly or yearly at a competitive rate with cognizance of earnings for the period. In furtherance of the above, no interest shall be paid on savings of members below GH¢100.00 which has become dormant for a period of three (3 months and above).


Members can choose between four flavours of loans:

  • Long Term Loan (L.T.L)
  • Short Term Loan (S.T.L)
  • Special Loan (S.L)
  • Money Tranfers

Long Term Loan (L.T.L)

This loan policy is designed to ensure that loan granted meet the borrower's needs and asses his ability and willingness to repay without incurring risk to the credit union. To qualify for a loan, one must have saved regularly with the union for a period not less than six (6) months. A member can take a loan two (2) times his/her savings for L.T.L. The minimum interest rate on L.T.L shall be 3% per month. Members must have at least served not less than seventy-five per cent (75%) of previous loan for an additional loan. Loan for non-common bond members (members other than port workers) shall not exceed two times their savings (at most) at any given point in time and even that, a common bond member in good standing shall guarantee before the loan is appraised. No application for emergency loan shall be accepted, unless: it has been necessitated by the death of biological parents, child, spouse or hospitalization of a member.

Short Term Loans (S.T.L)

The short term loan shall be repaid over two (2) to six (6) months and this will attract a minimum flat interest rate of 10% and 12% respectively. The maximum amount for this loan is GH¢500.00, (Five Hundred Ghana cedis) only.. This shall be reviewed by the Board when necessary. No individual shall be given more than two times. A member whose overdrafts are termed as loan after month of default shall be derived of any such assistance.

Special Loan (S.L)

The type of loan is designed for members who have business plans or projects and needs huge capital more than twice of their savings.


Shares are the financial base of the union and the critical messure of financial strength and liability.

Shares form part of ownership of property held by members and entitles them a proper return on earning from investment occuring from such property.

Nature of Shares

The shares of any member in the credit union system shall be personal estate and shall not be in the nature of real estate or immovable property. The share shall be ordinary shares of number per value.

Payment of Shares

Every member of the union shall be duly required to purchase and pay for the agreed minimum shares of GH¢400.00 at the time of doing the society. Anyone who fails to subscribe to the minimum shares shall be considered a customer who will only be granted assistance equal to the amount of savings to date or pay higher interest rate on loan if granted in excess of savings made.

Share Dividend

Dividend shall be declared after interest rate on member savings has been paid and a net profit is declared. The dividend rate shall be proposed by the manager to the board of directors after net profit has been declared. The dividend shall be paid to member yearly at a competitive rate and would be either capitalize (added to member’s shares or savings as would be determined by the annual general meeting). Shareholders liability a time of dissolution upon liquidation, members liability share be limited to the amount of share subscribed.

Voting Rights

All shareholder members have equal rights. New members who have not paid up to 80% of their minimum share shall not have the right to vote at the Annual General Meeting.

Withdrawal of Shares

Shares shall not be withdrawn either in part or whole except in the event of registration, where the member shall be required to give at least (90) ninety days written notice.


Credit Unions using the CUA Link can have their members make withdrawals, deposits, repayment of loans at any networked Credit Union irrespective of their membership. CUA Link allows our customers to send and receive money to and from family, friends and business associates anywhere in Ghana without worry through GPHACU.


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