Government has indicated it will support credit unions to enhance efficient financial services delivery.

Eastern Regional Minister, Seth Kwame Acheampong, explained that government, with assistance from the World Bank, is giving credit unions software to improve technology in the effective delivery of financial services.

According to him, the move is part of government’s support for credit unions' agenda of bringing financial services to customers at very affordable terms and conditions.

Speaking at the opening of the Koforidua branch of the Hydro Co-operative Credit Union, Mr Acheampong assured the credit unions that the government would continue to protect their activities due to their contributions to the country’s financial sector.

He said government places a high priority on protecting small- and medium-sized businesses in order to foster the expansion of their industries and, ultimately, the growth of the economy.

"The government, led by President Akufo-Addo, is very supportive of the credit unions' goal to offer financial services to Ghanaians at very reasonable terms and conditions, and as a result, it is working with the World Bank to give the credit unions software to improve technology in the effective delivery and accessibility of financial services to their members," he assured.

The minister was optimistic that it would go a long way to impact positively on businesses.

He, however, challenged the management of credit unions to abide by the rules and principles laid down to regulate their activities.

In his speech, Joseph Asare Keteku, the board chairman of Hydro Co-operative Credit Union, disproved claims that credit union services are the same as those provided by some microfinance institutions.

" Some people think that the credit unions are like the microfinances that collapsed, so when we are going to scout for members, some think that it will also collapse. Our system is robust, we have put in place proper management and board to ensure our activities are transparent," he explained