The Pentecost Kaneshie Area Co-operative Society (PENCO) has held its second stakeholders meeting, spelling out its progress and projections for the coming years.

PENCO has since its establishment in February 2014 been providing financial services to low income earners, providing capital to small businesses, and social intermediation to members.

“We wish to boost the income levels of the members, build savings culture to meet immediate needs and also for future purposes,” Chairman of the Pentecost Kaneshie Area Credit Union, Pastor Elijah Mahama Akpanyi underscored.

The Union currently takes 20% interest on loans as against the 30% being charged by some commercial banks and in line with the Bank of Ghana base rate of 25%.

 In order for its members to succeed in any endeavor they pursue, Pastor Mahama said the Union has been providing quality financial consultancy services to all members. It is hopeful the action will help build the capacity of members in all manner of businesses, he added.

The total savings of the Union stands at GHC570, 641.36, total loans granted is GHC400,442.00 and has so far invested GHC181,000.00.

 Outlining its projections for 2016, Pastor Mahama said additional staff would be engaged as well as train both staff and clients to be efficient in modern methods of operations.

The Union is also looking at increasing its membership base of 2198 to 5000 in 2016.

Members present at the meeting on November 22, 2015 voted to give the board of directors the power to obtain a permanent office in the near future. They also approved of the minimum shares increment from 30 to 50 cedis as well as the registration fees from 5 to 10 cedis.

The Union did not encounter any major challenges in the year under review except the delay in payment of loans especially those acquired by males, the board noted in a statement.

To tackle this challenge, Pastor Mahama told Myjoyonline.com they will intensify their due diligence on persons who applied for loan and possibly request the Presiding Elder of the Assembly he or she worships to vouch for his or her integrity.

Explaining why the Union is charging interest below the central bank’s base rate, he said the Credit Union is to complement the Pentecost Social Service (PENSOS) – the social responsibility arm of the church. We intend to serve the people because service to God is service to mankind,” he noted.

Responding to the ambitious membership drive for 2016, he said, “people have confidence in The Church of Pentecost, all the directors are distinguished officers of the church with credibility, which has further boosted the trust and confidence of people in the Union. We also practice what is in the Bible so we are sincere to our work. We also don’t delay in giving assistance to our members.”

He also noted that membership is opened to all including non members of The Church of Pentecost.