The Manager of the University of Ghana Co-operative Credit Union Limited (UGCCU), Mr. Francis Fiayiya, has assured members that the distribution of the approved 16% dividend will be carried out with full transparency and fairness, using reliable data and verified processes.
Speaking to Univers News after the 2024 Annual General Meeting (AGM), held on April 24, 2025, at the University’s Great Hall, Mr. Fiayiya explained that the payout will reflect each member’s investment timing.
According to the approved plan at the 2024 AGM, members will receive a 16% return on every cedi held in shares, prorated based on the date of investment.
“The distribution process is grounded in transparency; we use reliable software to track and allocate dividends, supported by manual checks to confirm expected payouts. Internal auditors have reviewed and validated the process to ensure fairness across the board.”
Additionally, 48% of the union’s net surplus—GH¢9,718,485.89 as of the 2024 financial year—will be paid directly into members’ savings accounts. Mr. Fiayiya stressed that this move would not undermine the financial health of the union.
“This money goes back into members’ savings accounts, which many use to access credit. For those who have borrowed beyond their savings, the funds remain within the system, preserving liquidity while allowing others to borrow at lower rates.”
Mr. Fiayiya added that while the board has explored other ways of rewarding members, such as issuing bonus shares, the union prioritizes redistributing surplus whenever its liquidity position is strong enough.
“We’ve issued bonus shares before, but our main goal is to return value to members without compromising the union’s stability. The UGCCU belongs to its members, and when the conditions are right, we ensure they benefit.”
The 2024 AGM offered members the opportunity to assess the union’s performance, approve financial statements, adopt new resolutions, and set the agenda for the upcoming year. The meeting was attended by UGCCU Board Chairperson Mr. Michael Asante Antwi, Vice Chairperson Professor Jemima Asabea Anderson, Head of Banking Mrs. Awura Akua Amofah Bonney, and representatives of the University’s Senior Staff Association, among others.
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Story by: Nancy Kyeremeh | univers.ug.edu.gh
Edited by: Wahab Abdul Razak
