MCCU Annual Report - page 99

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
99
Credit Committee Report
The weakening economy generated by instability in the foreign exchange market and declining
consumer confidence were factors affecting the financial sector during the year. The Credit
Union was affected as competition was heightened as all the players from the traditional
financial institutions as well as those in the micro-finance sector jostled to maintain and
ultimately increase their share in the market.
Manchester Co-operative Credit Union (1977) Limited took proactive measures by adjusting
the existing products and services in order to make them more attractive and affordable to
our members. These measures were welcomed by our members as they were able to utilize
the loan products towards home improvement, wealth creation and personal development.
Notwithstanding the challenges the Credit Union was able to achieve a growth in the loan
portfolio of 14.40% just below the target of 15%; while managing to control the delinquency
rate with the combined efforts of the committed staff and members.
Introduction
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