WELCOME MESSAGE FROM THE GENERAL MANAGER
On behalf of the management and staff of GPFCCU, I extend a warm welcome to our 25 Annual General Meeting. Today, we are excited to share our highlights from this year of growth and achievements. We are truly grateful for our members’ continued support and trust, as your partnership is the foundation of our success. This AGM is an important opportunity for us to come together, review our progress, and discuss our plans for the future.
We are grateful to Allah for providing us with another opportunity to witness the 25 AGM, enabling our capable members to scrutinize and make crucial decision about GPFCCU in accordance with the by-laws. This past year has been one of remarkable growth and accomplishments, and we are thrilled to share these highlights with you today.
This year’s theme, “Maintaining Resilience Through a strong culture of compliance,” is not just a slogan but a strategic imperative. By upholding our core values and code of conduct and fostering open dialogue about what compliance means and its expectation, we can create an organization that thrives, even in the face of challenges. This means proactively implementing, robust training programs, transparent reporting mechanisms, and clear policies that empower every employee to make ethical choices. Through this collective effort, we will not only build a resilient organization, but one that commands respect, trust, and long term success. At GPFCCU, we are committed to building a culture of ethical behavior. To ensure this, we have implemented a comprehensive policy that protects employees who report misconduct, fostering a safe environment for raising concerns. Additionally, we encourage active participation by soliciting feedback on compliance matter through open communication to continuously improve our policies and procedures, ensuring we remain compliant and maintain the highest ethical standards. We believe that open communication and transparency are key to building trust and shaping management decision that benefit all stakeholders.
Our unwavering commitment to ethical behavior is central to our success as a credit union. We empower our staff to navigate the ever-evolving regulatory landscape through comprehensive training programs and access to state-of-art compliance software. By cultivating a culture of resilience and providing these resources, we not only ensure the highest ethical standards, but also foster a strong sense of trust and confidence among our members.
Today, several factors, including rapid technological advancements, increased regulatory scrutiny, and growing cyber security threats, have amalgamated to drive an unprecedented shift in risk and compliance within the financial industry. The perception of ethical performance has become paramount as the consequences of breaching compliance requirements have intensified. Many financial institutions are struggling to maintain their obligations by complying with mandated standards, facing challenges such as keeping pace with evolving regulations, managing complex and interconnected risks, and ensuring adequate resources for compliance. To address these challenges, institutions need to invest in advanced technology, strengthen their compliance programs, and cultivate a strong culture of ethics and compliance. A true culture of compliance is not a destination, but an ongoing journey that requires constant vigilance, adaptation and commitment from everyone within GPFCCU. We remain committed to our expansion projects and delivering exceptional services to our members. We are proactively addressing the challenges of inflation by prioritizing savings and controlling expenses.
Our assets have grown by over D500,964,588 million, which is 12.49%; loan growth surpassed the national average at 15.89%; and savings increased by an impressive 12.82%. This growth translates into more loan option, higher savings rates, and improved financial security for our members. Our delinquency remains far below the 5% industry standards, and our surplus has reached a record high, demonstrating our financial strength and commitment to serving our members. These accomplishments set the stage for even greater things in the coming year as we continue to invest in our members’ financial futures. Without the determination and strategic guidance of the GPFCCU Board of Directors, who dedicated their precious time and volunteered countless hours to ensure the best outcomes for our credit union, we could not have achieved this result. We are deeply grateful for their commitment and leadership.
Our remarkable growth in 2023 allow us expand our team from 42 to 45 employees, adding three new positions. This significant increase in staffing underscores the vital role credit unions play not only as financial institutions, but also as engines of economic growth, creating opportunities, and improving livelihoods for our community. We anticipate continue growth and are confident in our ability to maintain steady business performance as we adapt to the evolving financial landscape.
To our valued members, thank you for the trust and confidence you have place on us for the past 25 years. Your devotion, love, and commitment to this credit union have culminated in a remarkable achievement. We are incredibly grateful for your active participation in our events, your thoughtful feedbacks, and your unwavering support. We are excited to continue serving you and building upon this inspiring journey together.
We are grateful to the ministry of interior and our distinguished service chiefs for their benevolence and guidance; without your uninterrupted support, we would not have registered this milestone.
Pa Singhateh
General Manager