University of Ghana Co-operative Credit Union Ltd. was founded on 6 August, 1971 to provide financial services to its members in the University community. It was affiliated to the parent organization, i.e. Credit Union Association (CUA) on 13th December, 1986 and registered on 6″ July, 1998.

University of Ghana Credit Union Ltd. is a financial Co-operative. The objectives of the Union are:

To promote thrift among its members by providing a means of savings.

To provide loans to its members for provident or productive purposes at fairly low but competitive rate of interest.

To provide quality financial services to its members.

Every member must subscribe to a minimum share capital. This shall be determined from time to time by the Management Board. This amount can only be withdrawn on resignation and after giving a minimum of ninety (90) days’ notice in writing of the member’s intention to withdraw. Members may receive dividend on their shares at the end of the financial year which may be paid into savings account or declared as bonus shares.

• The savings balance of any one member shall not exceed 20% of the total savings of the Union or as determined by the Management Board from time to time.
• Amounts exceeding the usual cash on hand of the Union can only be withdrawn after a period determined by the Management Board. Savings cannot be withdrawn if they are frozen to guarantee a loan.
• Neither can savings be withdrawn if the member’s indebtedness is greater than the member’s savings.
• Interest on savings shall be determined by the Management Board from time to time.

• Opportunity to join a happy family
• Good interest on savings
• Prompt loan delivery
• Lowest interest rate on loans in the Country
• Highest dividend paid on shares in the country
• Strong growth potential
• Experienced and dedicated team – Staff, Management Board and other committees namely:
  • Loans Committee
  • Supervisory Committee

Our products include:

• Savings
• Shares
• Loan
• Kiddy
• Flexy
• Salary Account
• Student Smart Save
• Electronic banking

A model of excellence for credit unions in Africa.

To provide diverse financial and advisory services to all members with excellence.

• Accountability
• Commitment
• Cooperation
• Commitment
• Integrity
• Trust

Membership is open only to persons within the following common bond:

Employees of the University of Ghana.

Agreed or selected institutions around the University.

Retirees of the University on the Ghana University Superannuation Scheme (GUSS).

A good member must

• Save regularly
• Repay all loans with interest
• Attend Annual General Meetings
• Criticize the Credit Union constructively.

As at June 2021, the UGCCU has a membership of about 8,612 with an asset base of GH¢ 177.92 million.

We have years of collective experience in successfully managing members’ savings and shares.
Was voted by CUA as the most viable credit union in 2008/2009.
We focus on maximizing risk adjusted returns through an active portfolio management.
We have the ability to provide timely loans.

• The Union shall grant loans to its members.
• Loans shall be granted for any worthwhile purpose-productive or provident.
• Application for loans must be in writing on the prescribed forms.
• For the first six (6) months of membership, members shall receive loans not exceeding their savings.
  A loan shall not be made by the Credit Union to a member for a period exceeding two (2) years commencing on the date on which the loan is paid to the member.
• The Management Board shall determine the maximum loan to be granted to a member from time to time.
• Loans shall be secured by the borrower’s own savings.
• A wage assignment may be used as guarantee to a loan. A wage assignment is a written agreement between the borrower, the employer and Credit Union whereby the employer agrees to reimburse the Credit Union for any amount of the employee’s salary pledged against any unpaid or overdue loan balance.
• Members shall be charged an interest on loans at competitive rates. However, the minimum interest rate to be charged shall be determined from time to time by the Credit Union movement.
• In case a loan is not repaid according to the terms of the loan bond, the borrower shall be liable to pay the collection expenses. In case a loan is not repaid according to the terms of the loan bond, the borrower may be liable to pay fines not exceeding 10% per annum of the unpaid balance.