In a significant move to bolster financial literacy among students, particularly at AAMUSTED, the UEW Co-operative Credit Union Limited recently convened its 23rd Annual General Meeting (AGM). Ranked among the top credit unions both regionally and nationally, the union is doubling down on its commitment to equip students with the financial acumen needed for a secure and independent future. The focus is on fostering a savings culture and providing access to tailored loan programs, empowering the next generation to realize their entrepreneurial aspirations. Professor Isaac Boateng, the Pro-Vice Chancellor of AAMUSTED, emphasized the critical need to embed financial knowledge directly into the university’s curriculum. The UEW Credit Union hopes to provide financial support to students.

The 23rd AGM served as a pivotal platform for the UEW Co-operative Credit Union to reaffirm its dedication to student empowerment. Currently holding the 3rd position in the Central Region and 7th nationally, the credit union’s impressive ranking reflects its robust performance and unwavering commitment to its members. At the heart of its mission lies a deep-seated desire to empower students through comprehensive financial literacy initiatives, incentivized savings programs, and readily accessible loan facilities. Mr. Charles A. Kofi, Board Chairman of the UEW Co-operative Credit Union, underscored this commitment, stating the union’s dedication to supporting individuals who embrace the credit union philosophy. For many students, the UEW Credit Union can be a great resource.

AAMUSTED is actively integrating financial literacy into its curriculum to address a critical gap: many students possess innovative business ideas but lack the necessary capital to launch their ventures. The university aims to bridge this divide by encouraging students to pool their savings and embark on collaborative business endeavors, guided by sound company law principles. According to Professor Isaac Boateng, “Many of our students graduate with business ideas but lack the capital to bring them to life… That’s why we are integrating financial literacy into our curriculum to encourage students to save and eventually invest in their own ventures.” This proactive approach aims to transform promising ideas into tangible realities.

To further support its members, the UEW Credit Union offers a variety of loan options, including Regular, Special, Kiddie, Agriculture, and Micro loans. The minimum share requirement has been adjusted to GHS 600, and loan amounts are calculated based on a multiple of a member’s savings and shares. The union actively encourages students to begin saving from their first year, even with modest contributions, highlighting the long-term benefits of early financial planning. These savings can turn into loans that help students pay for school, or start a business. The UEW Co-operative Credit Union provides flexible interest rates and can tailor repayment conditions to suit individual needs, offering a supportive financial ecosystem for its members. As Mr. Kofi noted, “We urge students to support the credit union throughout their time in school. It’s a financial support system that grows with them.”

One of the persistent challenges remains encouraging students to prioritize long-term savings amidst immediate financial pressures. However, the benefits of cultivating early savings habits are undeniable, providing students with access to vital capital for their future entrepreneurial pursuits. The strategic alliance between AAMUSTED and the UEW Co-operative Credit Union is geared toward fostering a generation not only equipped with academic knowledge but also empowered with the financial literacy and entrepreneurial spirit necessary to thrive in an increasingly competitive world.

The 23rd AGM of the UEW Co-operative Credit Union served as a powerful reminder of its crucial role in championing financial literacy and entrepreneurial skills among students. By forging strong collaborations with institutions like AAMUSTED and offering accessible and adaptable loan programs, the union is actively shaping a future generation prepared for lasting financial independence. The emphasis on early savings, coupled with flexible financial support mechanisms, offers students an invaluable resource throughout their academic careers and beyond, enabling them to transform their entrepreneurial visions into successful ventures. For those who take advantage, the UEW Credit Union can be life changing.