FAQs
FREQUENTLY ASK QUESTION
Faqs.
Have a look at a list of our most popular frequently asked questions & answers:
membership
UEW CO-OPERATIVE CREDIT UNION Membership is open to all. An individual is eligible for membership if he/she is in the possession of the following qualifications: –
• Active and retired staff of the University of Education, Winneba & AAMUSTED.
• All civil servants and salaried employees
• Non Salary workers
• Corporate Societies
• Business community
• Spouse or child of any of the above who must be 18 years of age and above
The following documents are required:
• A fully filled membership application form
• Copy of the National Identity Card – Ghana Card (Both sides)
• Two recent color passport size photographs.
There are numerous advantages which can be derived from being a member of the Credit Union. Some of the advantages are as follows:
- Regular Savings: The Credit Union through its educational programmes encourages its members to make regular savings and earn interest on the savings.
- Access to Loans: The Credit Union helps to solve most of the financial problems of members by giving them the opportunity to borrow money from the pool to meet productive and provident needs.
- Low Rates of Interest: Members enjoy lower rates of interest as compared to what obtains in the financial market.
- Participatory Decision Making: Members are shareholders. This means that every member is a part owner of the Credit Union and participates in decision-making and running of the Credit Union.
- Financial Counseling: Members are offered wise counseling on the judicious use of their money to ensure that they derive optimum benefit from it.
- Dividend on Shares: Members earn good dividend on their shares.
- Leadership: Members are eligible to be elected to leadership positions in the business of the Credit Union.
Share capital
Share capital is the money invested in UEW-CREDIT UNION by the members/shareholders. It is a permanent /long term member’s contribution toward the UEW-CREDIT UNION capital and forms part of UEW-CREDIT UNION equity. It represents your ownership of the UEW-CREDIT UNION, currently each member should have a minimum of 1500 Shares valued at GHS 300.
Member Initial Deposits
Deposits means a balance that is established and maintained by a person at a UEW-CREDIT UNION that confers membership rights to that person, these are the regular daily, weekly or monthly deposits. They are used to determine eligibility for a loan and can be withdrawn by the said member. Deposits can be used as loan security.
Deposit can be made through;
• Bank standing order
• Over the counter cash deposit
• Field sales Executive
• Mobile Money Deposit
• Cheque deposit
Loan application eligibility
A member’s saving contribution must be consistent from the day of account open up to 3 months. When a member satisfy this initial requirement and is truly in need of the funds, then he/she can apply.
FIRST TIME BORROWER: This type of member will only be eligible for 2(two) times his/her saving balance.
SUBSEQUENTLY: This type of member will be eligible for 3(three) times of his/her savings balance.
• The security for UEW-CREDIT UNION loans are your deposits and guarantors, who should be members of the Credit Union and have a remit their contributions on a monthly basis.
• For Micro-credit loans there should be 3-5 members in the group and these members should have sufficient balance.
• A member is allowed to apply/have more than one loan product from the different loan product categories as long as all lending requirements are met.
