The Board President of St. Peter’s Co-operative Credit Union Ltd Mr John Owusu Afriyie says his outfit has stopped giving loans to customers at the moment.
He says this comes in the wake of the meltdown in the banking sector.
Mr. John Owusu Afriyie was speaking to www.ghanagong.com at the 50th anniversary celebration of the St. Peter’s Co-operative Credit Union held at the Kumasi Technical University Great Hall.
He explained that the decision by the Credit Union is intended to strengthen the business and insulate them from panic withdrawals and subsequent collapse.
He however says people have unrestricted access to their deposits.
The President assures that his outfit will resume loans to customers “in due time”.
Mr. Owusu says credit unions have not seen as much meltdown as Banks and believes this situation should give customers great confidence in the credit unions.
He praised staff of the company for being honest in their dealings and supporting the business through their difficult beginnings.
He also asserts that the credit Union has over time established strong relationships with clients; a situation he believes has engendered trust.
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