The theme for the congress was ‘Embracing Servant Leadership and Inclusivity Through Financial Co-operatives.’ The over 800 participants were drawn from 30 countries worldwide. Sierra Leone’s delegation was sponsored by Irish League Credit Union Federation Ltd. (ILCUF) in a bid to expose them to what credit unions are doing in rest of the world and particularly in Africa.
The two participants informed this medium in an exclusive interview that this year’s theme seeks to align the principles of the Cooperative Business Model with those of Servant leadership because they believe that both are people-centered underscoring that ACCOSCA strongly holds the view that they should practice leadership that actively listens and empathizes with their members’ unique circumstances and positions to be able to meet the objectives of the sector.
They enlightened that ACCOSCA has envisioned a scenario where all are focused primarily on the growth and wellbeing of people and communities to which they belong underscoring that this can only be realized if ACCOSCA allows itself to follow and practice in its fullness the principles of cooperatives and understand their original objectives articulating that this year’s congress brought together over 30 countries from Africa and beyond, an indication that there is deeper penetration and acceptance of the model and that they are encouraged as it shows that they are heading towards financial inclusion for all.
According to Abu Bakarr H. Kargbo and Mr. Jaiah Kaikai, this year, ACCOSCA lined up discussions critical for all its members on inclusive growth, membership growth, financial capability, regulatory gains and digital financing among others highlighting that from the standpoint of ACCOSCA, if they get these right in addition to embracing the concept and practices of servant leadership, they should be able to make the difference they are seeking affirming that they trust that the discussions would be beneficial to all participants.
The two participants continued that they seek to provide through the congress a platform for credit unions in Africa and all stakeholders to have candid discussions that would culminate into deliberate and innovative strategies towards achievement of Financial Inclusion reiterating that it’s their sincere hope that Africa and indeed the world would benefit from their efforts to ensure financial access and inclusion for all.
Abu Bakarr H. Kargbo revealed that the first two days of the congress were allocated to training on the following topics: Liquidity Management, Board and Management, Successor Planning, Effective Communication, Cyber Security Safeguards and Resource Mobilization.
He further informed that in Kenya and the entire East Africa where Credit Unions are well-established, over 50% of the population are members of Credit Unions with some people joining two or more Credit Unions and that even medical doctors, police, armed forces, teachers, farmers and drivers all have their own Credit Unions that seek their interest concluding that he visited the Police Credit union/Saving and Credit Cooperative that is very impressive stressing that Credit Unions compete with banks in Kenya.
According to Abu Bakarr H. Kargbo, teachers have the largest Credit Unions in Africa, that it is mandatory for all to join Credit Unions in Kenya, that their contributions are deducted from source and that some people join more than one Credit Union for which he called on the Ministry of Trade and Industry to review the obsolete Cooperative Act as well as enact a law for all Sierra Leoneans to join Credit Unions that would help reduce poverty and unemployment as well as improve the lives of the people.
Jaiah Kaikai disclosed that before the congress, he attended a two-day training on how Credit Unions must be vigilant and independent to effectively perform their responsibilities and how to attract and retain the talents and skills of an employee.
Other topical issues discussed were electronic financing, diversity in leadership, gender, region, bringing the physically-challenged onboard, religion and unity in diversity through cooperatives and how to build a succession plan.
Highlights of the congress were the experience sharing between different Credit Unions on how they have become successful as well as their challenges, thematic sessions on techniques to develop the capital base of Credit Unions, launch of the first African Cooperative Youth Network to encourage savings at a young age or catch them young as the congress observed that youth participation in financial institutions is low globally, the official flag parade of all participating countries while the congress was officially opened by the Kenyan Minister of Industry and Trade.
ACCOSCA Congress in Kenya is one of the many exposures made by Credit Union leaders, staff and regulators this year. At the beginning of the year three representatives from Sierra Leone (Mary Bundu NaCCUA treasurer, Issa Bangura Chairperson Tawopaneh and Ms Esther Bangura ILCUF staff) attended and participated in West African block of credit unions in Gambia. In August, the Acting Registrar of Cooperatives Newton R A Marlin and Deputy Director Other Financial Services from Bank of Sierra Leone Mrs Esther Johnson participated in ACCOSCA Regulators round table for all Credit union regulators from Africa in Nigeria. At the end of September, the Chairperson of NaCCUA Lilian Songo participated in International Partners Conference in Ireland.
The Irish League of Credit Unions Foundation (ILCUF) has been supporting credit unions in Sierra Leone since 2011. The mission of the Irish League of Credit Unions Foundation (ILCUF) is to alleviate poverty in developing countries by providing financial and technical assistance to credit unions, their representative bodies and other co-operative type organisations to enable them to bring about socio-economic development. ILCUF Ltd is funded by Credit Unions in Ireland and Irish AID.
A credit union is a cooperative financial institution that is formed and democratically directed by people who come together to meet common economic, social, and cultural needs. Credit unions provide both lending and saving services to their members.
Founded on the principle of participatory governance, credit unions are governed by those who use their services: their members. Credit unions only offer their services to their members who purchase shares in the credit union. Credit unions are not-for-profit organisations, who distribute their surplus as dividends to their members and also provide interest on savings. Members save regularly every month, and this form a pool of money which is lent to members by way of loans at reasonable rates of interest charge.