FACCU aims to offer affordable financial products, including savings accounts, loans, and insurance, to help members meet their personal and business needs without the high interest rates typically charged by traditional financial institutions. Some of its objectives are as follows;
a) Promote Savings and Financial Stability:
FACCU seeks to encourage and empower members to save consistently, fostering financial discipline and stability. This will enable members to build wealth, plan for the future, and establish a safety net for emergencies.
b) Enhance Financial Literacy:
FACCU is dedicated to educating its members on key financial management skills, including budgeting, credit use, and general financial planning, to empower them towards financial independence.
c) Support Member Welfare:
FACCU is committed to providing comprehensive support for the overall well-being of its members. This includes contributing to community projects, healthcare, education, and initiatives aimed at social and economic development within members' communities.
d) Facilitate Barter Trading of Agricultural Commodities:
FACCU will assist its members in gaining market access by enabling barter trading of agricultural commodities, particularly those within the agricultural sector, to support their economic activities.
FACCU will undertake a variety of activities to achieve its objectives; some of these activities include but not limited to:
a. Savings and Deposit Services:
FACCU will provide members with a secure platform to save money through offerings such as savings accounts, fixed deposits, and specialized savings plans (e.g., retirement or goal-specific accounts). Door-to-door services will be introduced to ensure convenient access to banking.
b. Loan and Credit Facilities:
FACCU will provide members with affordable loans at comparatively lower interest rates. These will include personal loans, agriculture/agribusiness loans, business loans, education loans, and emergency loans, among others, tailored to meet diverse member needs.
c. Financial Education and Training:
FACCU will host workshops, seminars, and training sessions to equip members with financial literacy skills, including budgeting, financial planning, credit management, and investment strategies.
d. Investment in Community Development:
A portion of FACCU’s profits will be reinvested in community development projects aimed at improving the well-being of its members.
e. Advocacy and Representation:
FACCU will champion the rights and needs of its members by advocating for policies that promote financial inclusion, fair lending practices, and rural development.
f. Social and Networking Events:
FACCU will organize activities such as member appreciation days, social gatherings, and community fairs to foster a sense of belonging and strengthen cooperative bonds among members.
Our Motto: “Your financial freedom, our share vision”
FACCU MEMBERSHIP
Membership in FACCU is open to all individuals, regardless of location, religion, gender, education, ethnicity, occupation, provided they are willing to abide by FACCU's values, meet the membership qualifications, and pay the required entrance fees and membership dues.
1.1 Eligibility for Membership:
Membership is open to all Ghanaians, particularly those in the informal sector. Men, women, and youth shall have equal status and rights within the Union.
1.2 Application Process:
Prospective members must obtain an application form, complete it with the required details, and submit the form to the FACCU office.
