Berekum Teachers Credit Union is now BEAT Co-operative Credit Union Ltd

September 1, 2021 By 0 Comments

The Management and Board of Directors of the Berekum Area Teachers’ Co-operative Credit Union Ltd has modified the name of the union to BEAT Co-operative Credit Union Ltd.

The move is to enhance the identity of the union and address the conflict with the names of other sister credit unions in the country.

The acronym BEAT is derived from the “Berekum Area Teachers” which stands out from among competitors.

Speaking exclusively to The Chronicle in Berekum, the General Manager of the credit union, Mr. James KwakuYabedo, said the change of name of the credit union, which came into force in July this year, is strategic to fit into the current socioeconomic environment.

“The change of name of the credit union was necessitated by management’s adopted marketing strategy and the dynamic trend of the socioeconomic environment to suit the corporate world”, he said.

According to Mr Yabedo,  in the wisdom of management, the change of name will give the credit union an upper hand over its competitors”, he added.

Me Yabedo said the credit union needed a name that sits well with members as well as the general public.

“You know in business and marketing, names of brands play a critical role in the minds of the public, so after careful analysis, we concluded that the BEAT is easy to mention, it is brief and unique in our industry, so we settled on it”, Mr Yabedo explained.

With over 13,000 active members, the BEAT Cooperative credit union exists to serve the financial interests of teachers, pool resources to assist members in times of need, inculcate in members the habit of savings which leads them to financial commitment and discipline to enable them access loan facilities.

The union also helps members to fight poverty because members are required to buy mandatory shares to become shareholders.

Mr Yabedo said the BEAT Cooperation credit union has a number of products and services including, savings accounts, withdrawal savings accounts, term deposit and financial counseling among others.

The General Manager noted that the credit union has a mobile app, the BEAT Cop App which enables members to open accounts and transact all business activities with the union without members being physically present at the transaction hall.

According to Mr Yabedo, by the close of this year, the credit union will introduce a new product, the Mortgage Service to enable members with vision to build to access support.

“Aside the mortgage service, we also intend to roll out a service to empower our members in entrepreneurship,” he said.

CHALLENGES

Mr Yabedo observed that because most people see the credit union as ‘teacher’s bank’, they fear the ‘teacher’s bank’ may suffer the same fate as some banks during the recent banking clean up.

“The collapse of some banks in the recent banking crises has created the impression for some people that credit is equally a bank and may also fold up so they are reluctant to do business with us”, he said.

Mr Yabedo also noted that there are some members of the union who fail to show commitment yet they desire to get assistance from the union.

“Another challenge we face as a credit union is the fact that some members desire to get assistance from the union even though they fail to show commitment, which is a requirement to assess any form of assistance”, he said.

BENEFITS OF SAVINGS

Mr Yabedo noted that the practice of being regular during one’s active working years helps in so many ways.

He said emergencies are always unexpected, therefore, when they occur, the funds required are usually not part of the regular budget.

There will be pressure to look for extra funds at a very short notice. This problem can be compounded if the emergency is a sudden illness or car accident. It could be a matter of life and death. “But accumulated savings can go a long way in alleviating the situation”.

He further said “job loss is usually traumatic. It can leave a family in a huge crisis. Saving can be a great cushion of comfort at this time of sudden loss of income. It is usually very difficult to borrow money when one is left jobless, and added that “therefore, those who have not been wise enough to save will be down to zero completely after a job loss”.

According to the Credit union manager, having some amount in savings can help people to limit the amount of debt burden that they have.

“Savings can be used to finance certain expenses at certain times. This will definitely limit the amount of debt liability and will also save the amount that could have been spent on interest. Savings also help one to avoid taking emergency loans when urgent situations occur, further limiting existing debt”.

He added that accumulated savings gives one peace of mind and helps one to enjoy financial freedom. “There is a comfort in knowing that there is a buffer that can be used if funds are needed urgently. This is in contrast to those who live from one salary to the next. They immediately become stuck financially if any unexpected expense arises”, Mr Yabedo said.

Mr Yabedo pointed out that there are long-term benefits of saving.

“One of them is having funds available for retirement”.

He said “many retirees who rely on a pension usually do not have enough to cater to all their needs. Making a habit of saving a small portion of one’s income over several years can accumulate into a substantial amount of retirement funds”.