Background and History

In 2006, the National Management of the Church at the time, namely, Apostle John Annan Adotey (President), Apostle Julius Senuvie (Vice President), Apostle Kwodwo Baiden Denson (General Secretary), Apostle Alex Ofosu (Administrative Manager) and Apostle Sefa Thomson, then the Area Superintendent of the Ashaiman Area saw the urgent need to establish a Credit Union for Pastors and their Wives to serve as a hub around which financial assistance could be assessed by them.

The Apostolic Church National Headquarters in Accra provided a space and offices for the Apostolic Church Co-operative Credit Union.

The Credit Union had lent over GHC3,500,000.00 to almost 1,000 members, making it one of the fastest-growing Credit Unions in the Accra chapter.

Activities

The Apostolic Church Co-operative Credit Union is registered under the Department of Co-operatives through the Ghana Co-operative Credit Unions Association (CUA) Ltd. The Members of The Apostolic Church Co-operative Credit Union regularly save every month, forming a pool of money which is lent by way of loans at reasonable rates of Interest. Membership of The Apostolic Church Co-op Credit Union is for now, restricted by common bond to Pastors And their Wives, Pensioners, Employees of the Church, Area/District Administrations and Local Assemblies of the Church.

Products

The Apostolic Church Co-operative Credit Union runs a payroll deduction savings and loans scheme in conjunction with The Apostolic Church-Ghana, Headquarters. The Credit Union is responsible for the operation of the scheme, with The Apostolic Church-Ghana Headquarters facilitating monthly deductions from salary. Members who are not Paid through The Apostolic Church Headquarters are made to make their contributions by special arrangement and Standing order.

Instead of paying a fixed rate of interest on savings balances, The Apostolic Church Co-operative Credit Union returns any surplus profit to members. Depending on surplus/ reserves, shares are eligible for an annual dividend.

Loan protection insurance premium is paid by members, whereas life savings insurance is offered at no cost to Members.

MAIN OBJECTIVES

1. To promote thrift among members by providing means of savings.
2. To provide credit to members for provident and productive purposes at a fair and competitive interest rate.
3. To provide quality financial and non-financial services to members.
4. To extend Credit Union operations to new communities.
5. To encourage and promote youth saving clubs.
6. To adopt modern operational technologies relevant for services to members.
7. To improve staff and leaders' capacity through training.