Ouagadougou: The 35 credit unions of the Network of Caisses Populaires du Burkina and the umbrella organization held their general meetings devoted to the balance sheets for the 2023 financial year, from May 8 to June 6, 2024. Those of Dapoya, Gounghin and Cissin sacrificed to this exercise, last Saturday May 25, in Ouagadougou.
In accordance with their status as savings and credit cooperatives, credit unions are required each year to report to members on their management of the previous financial year.
The entire Network of Credit Unions of Burkina Faso (RCPB) met this legal requirement, from May 8 to June 6, 2024. Sidwaya was interested in the credit unions of Dapoya, Gounghin and Cissin which held their 13th Assemblies ordinary general meetings (AGO), on Saturday May 25, 2024, in Ouagadougou.
Examination and adoption of the reports of the board of directors, the credit committee, the supervisory committee, the statutory auditor, the activity report of the fund management, financial statements as of Dece
mber 31, 2023, renewal of directors, allocation of 2023 results, approval of the action plan and the operating budget for the 2024 financial year were on the agenda of these AGOs. Overall, the indicators were green for their 2023 financial years.
With 40,539, the Dopaya credit union achieved outstanding savings of 12.7 billion CFA francs in 2023 compared to 12.3 billion CFA francs in 2022, an increase of 2.97%. Its total outstanding credit amounts to 8.7 billion CFA francs whereas it stood at 8.4 billion CFA francs, an increase of 3.84%. In terms of net income, the Dapoya fund achieved a performance of 413 million CFA francs compared to 157 million CFA francs in 2022, an increase rate of 162.19%. Regarding these equity funds, they amount to 4.5 billion CFA francs in 2023, while they were 4.1 billion FCFA during the previous year. Which represents an increase of 9.92%.
Regarding the Gounghin credit union, it achieved an outstanding savings of more than 12 billion CFA francs in 2023 compared to 11.9 billion C
FA francs in 2022, an increase of 1.09% while its total outstanding credit stood at 6.8 billion CFA francs, while it had stood at 6.6 billion CFA francs, an increase margin of 2.72%. Compared to 2022, this fund recorded a drop of 1.51% in its net profit which amounts to more than 312 million CFA francs in 2023, compared to 317 million CFA francs for the previous year. In equity, it achieved an increase of 7.66%, or 4.2 billion CFA francs compared to 3.9 billion CFA francs in 2022.
As for the Cissin credit union, in 2023, its outstanding savings will amount to 17.4 billion CFA francs compared to 17.9 billion CFA francs, a drop of 3%; with a total outstanding credit of 10.6 billion CFA francs in 2023 compared to 10.09 billion CFA francs in 2022, an increase of 5%.
Towards more digitalization
In net income, Cissin achieved a decline of 23%, or 527.3 billion in 2023 compared to 684.9 billion CFA francs. Its equity stood at 7.2 billion CFA francs compared to 6.7 billion CFA francs, which represents an increase
of 8%.
The security crisis facing Burkina has had an impact on the performance of credit unions, especially in terms of credit recovery. As of December 31, 2023, the amount of outstanding credits from the Cissin fund amounted to more than 863 million CFA francs. It was 493 million CFA francs for the Dapoya fund and 230 million CFA francs for that of Gounghin.
All things considered, governing bodies and cooperators are satisfied with the results their funds have achieved in 2023. ‘We have a surplus balance sheet with certified compliant accounts.
I would like to congratulate the cooperators. Because it is their savings that allowed the fund to distribute credit. I also congratulate the workers for their contribution to the efficiency of the network,’ said the President of the Board of Directors (PCA) of the Dapoya credit union, Denise Nebié. The CEO of the Gounghin fund, Yamba Didier Djiguemdé, also expressed his gratitude to the members and workers for their commitment despite the difficult national contex
t. ‘The security crisis has had an impact on our results, but despite everything, they have remained resilient, which has allowed us to have these results,’ he said.
To further improve performance, the PCA of the Cissin fund, Rémy Taita, called on the cooperators to get more involved for a better future for the fund of which they are co-owners. The teacher and member of the Gounghin credit union, Madeleine Yougbaré, said she was satisfied with the holding of these AGOs which are frameworks for accountability, the exercise of democratic governance and transparency.
Continuing to modernize services, through further digitalization, is one of the recommendations resulting from these general assemblies.
Source: Burkina Information Agency