As NTAL Credit Union Discloses L$16M.
Monrovia, Liberia – The National Teacher Association of Liberia Credit Union Cooperative Society (NATLCUCS) has climaxed it 6th Annual General Assembly in Buchanan Grand Bassa County with a financial disclosure of Net Surplus of LDR $16,139,734.68, as compare to 14 million Liberian Dollars generated in 2023, something which delegates termed as laudable.
The revenue generated, as reported by delegates at the Annual General Assembly, is commendable for improving operations and helping struggling teachers escape poverty through an increase in loans intended for public school teachers and education workers to better their lives.
Members, regional leaders, shareholders, and other financial stakeholders attend the annual general assembly, which is a customary that aims to examine the Association’s well-being and ways to improve the financial standing of its members.
The NATLCUCS was founded during the 64th Convention of the National Teachers Association of Liberia in August 2013 with the goal of helping government school teachers and other education professionals get loans for productive purposes in order to lift them out of poverty.
The Annual General Assembly is NATLCUCS’ trademark event, held every three years, and it provides updates on the organization’s status, accomplishments, difficulties, election of new board members, and resolutions to be accomplished in the years to come.
As a guest speaker at the General Assembly in Grand Bassa County over the weekend, Hon. Amos Armah-Fully, the Ministry of Education’s Deputy Minister for Instruction, highlighted the importance of financial empowerment in enhancing teachers’ quality of life.
He praised NATLCUCS for its work in promoting financial inclusion and literacy among educators, emphasizing that “teachers are the backbone for our nation’s development and that they must possess the knowledge and abilities necessary to manage their own finances effectively.”
Minister Amarm-Fully went on to commend the NATLCUCS for making credit easily accessible and encouraging a culture of saving among its members. He reaffirmed MOE’s dedication to working with the Union and other partners to raise financial literacy and credit availability for teachers in government schools.
Deputy Minister Armah-Fully emphasized the significance of the education sector and advised individuals against considering teaching as a “stepping stone” to other jobs, stressing the need for experience and a love for the field.
The government’s support for teachers and their contributions to the growth of the country using empowerment was reaffirmed when he emphasized that “the classroom should be led by prepared, professional, passion-driven, and people of good character.”
In his report, Mr. Joeson B. Whisnant Sr., the departing Chairman of the Board of Directors of the National Teachers Association of Liberia Cooperative Society, detailed the accomplishments and difficulties of the year 2024.
He listed the organization’s accomplishments, including the successful holding of board elections in ten counties, involvement in international trainings in Kenya and the Gambia, the distribution of LRD $215 million in loans with LRD $44 million in interest, and an increased awareness campaign across the country.
As of December 3, 2024, the Union has 3,377 active members. Mr. Whisnant stressed that the organization ended the fiscal year with LDR $16.1 million. Despite these successes, the departing board chairman expressed alarm about a “troubling trend” in which certain educators obtained several loans from various institutions without making full payments.
While awaiting the building of its office, he emphasized the urgent need for wage modifications, temporary facilities, and an expansion of office space and staff. In spite of logistical and financial challenges, Chairman Joeson B. Whisnant Sr. praised members for their perseverance and dedication to the Union’s objective and cautioned them to continue supporting the government’s initiatives to combat poverty through economic self-reliance.
In his remarks, Mr. Freeman K. Duo, newly elected Chairman of the Board of Directors, emphasized that his main objective is to significantly increase membership to 10,000, which he claimed is intended to help teachers escape poverty.
Freeman went on to highlight the benefits that the Credit Union has provided to its members, revealing that a committee dedicated to education and recruiting has been established to encourage government school teachers from all across the country. He revealed plans to install a data management software system to make sure this is accomplished.
Due to the rise in membership, he emphasized, “We are considering bringing in a software to handle the data, as doing it manually is a serious problem.”
Since its founding 13 years ago, the National Teachers Association Credit Union Corporative Society has emerged as the biggest financial organization with rapidly expanding membership, assisting in the recovery of teachers from poverty.
The National Teachers Association’s president, Madam Mary Nyumah, praised NATLUS leadership for the organization’s achievement thus far and urged the Ministry of Education to require government school teachers to be members of the association.
Union members testified with excitement about the union’s massive impact on people’s lives, with others stating, “I own a house today because of this association.”
Meanwhile, new corps of officers were elected at the 6th Annual General Assembly to steer the affairs of the NATLCUCS Board for the next three years. Those elected include; Mr. Freeman K. Duo-Chairman, Mr. J. McCarthy Yarkpawolo-vice chair, Madam Sarah K. Kopeh- treasurer, Mr. Jacob karney –Chaplain and Mr. Anderson N. Tamba Sr.- Secretary General and Manager respectively.
Reported by: Prince Saah
