By Grace Q. Bryant
The National Teachers Association of Liberia (NTAL) Credit Union Cooperative Society has vowed to lift thousands of teachers out of poverty across the country amidst the economic challenges facing Liberia.
The NTAL Credit Union also disclosed that an amount of over L$14 million in surplus was netted for the year 2023, thereby encouraging various public school teachers to join the union, ensuring that they benefit from the institution.
The disclosure was made recently, when the NTAL Credit Union concluded its 5th Annual General Assembly (AGA) in Ganta, Nimba County, announcing US$14 Million in surplus for the entity.
However, out of the US$14 Million generated, over US$7 Million has been allotted for members of the NTA Credit Union who are also shareholders as dividends for the year 2023.
The gathering brought together several members of the organization, including Regional Presidents, County Presidents, members and officials of the Cooperative Development Agency (CDA) and the Liberia National Credit Union, among others.
The AGA was engulfed with a day-long training session where members of the Union were thought on the functions of a credit union, legal standing of the union; with participants being taught about the role of audit, leadership development and proper management of the credit union.
Speaking during the close of the Assembly, the head of the Cooperative Development Agency, Lorpu G. Kandakai said credit union plays crucial role in the economy of any environment because it creates job and as well increase investment for business people.
She said, “My people, let me tell you that some of the many successful business people today, begun at the level of the credit union as you are doing gradually before their elevation to banking institutions which have made them wealthiest thereby lifting many out of poverty.”
Madam Kandakai further stated that Credit Union provides reachable low cost financial services. It offers loan with low cost or interest rate, highlighting community reinvestment. Credit union reinvests in their communities because, those members of the communities are equally members of the union.
“Credit union promotes savings, it encourages members to save with less stressed because members of the financial institution easily get money from the union at any given time when the need arises,” the CDA Registrar General added.
Meanwhile, the CDA Boss has reminded members of the National Teachers Association of Liberia Cooperative Society that they serve as role models in their respective communities and various counties considering their profession as educators.
Earlier, the President of the National Teachers Association of Liberia, Mary Nyumah, called on members of the union to be the ones to inspire their colleagues, adding, “As I will be leaving in 2026, one of my legacies is to ensure that all teachers are placed on the payroll of the national government.”
Madam Nyumah added, “Let’s continue to stand together and push each other as we push for new heights. As we all are aware, the future has the best to come, and this is the time that we keep engaged. The NTALCUCS has proven to be one of the best Credit Unions in Liberia.”
She bragged that after 2025, the credit union will provide over ten thousand members as she expressed excitement over the progressive dimension the financial institution has taken.
Also in remarks, the Board Chair of the NTAL Credit Union, Johnson B. Whisnant said the credit union has over the years made significant strides, adding that members of the union are currently receiving loans through mobile money, which has made it earlier for members to receive their money rather than leaving distances to get their high earned money.
