A New Tafo-based credit union says cheaper loans and phone-based banking are helping it grow assets and membership in a crowded financial market.
The Cocoa Research Co-operative Credit Union (CRCCU) has lowered its loan interest rate and introduced a mobile phone banking service, as its leadership presses other credit unions to do the same to stay competitive.
Speaking at the union's annual general meeting (AGM) in New Tafo, Chief Executive Officer Eric B. Koranteng said credit unions should focus on cheaper credit, digital access and stronger protection of members' personal information. The AGM was held on the theme "Enhancing the Image and Resilience of the Credit Union in a Competitive Financial Market", the Ghanaian Times reported.
Interest rate down to 15.50 per cent
CRCCU has cut its loan interest rate from 16.25 per cent to 15.50 per cent. Mr Koranteng said the reduction followed repeated requests from members for more affordable loans, and was also shaped by wider economic conditions, including a drop in the policy rate \u2014 the benchmark rate that influences the cost of borrowing across the economy.
He said any further cut would depend on how the policy rate moves in future.
The lower rate, according to Mr Koranteng, should reduce monthly repayment instalments, leaving borrowers with more cash to put back into their businesses.
At the same time, the union has tightened how it assesses loan applications, looking more closely at whether a member can realistically repay and whether the business being financed is viable. Members are also being educated on responsible borrowing.
Banking without internet
On the digital side, CRCCU has launched an Unstructured Supplementary Service Data (USSD) service. USSD is the short-code system, dialled with the asterisk and hash keys, that works on any mobile phone without an internet connection.
Members can use it to check account balances and recent transactions from anywhere, including during emergencies, without travelling to a branch. Mr Koranteng described the service as part of the union's push for financial inclusion.
He said that while USSD itself does not use artificial intelligence (AI), the union has brought AI into some areas of its operations, including internal controls and an AI-integrated core banking system. Staff and officers have been trained on the technology.
Data protection and identity checks
CRCCU has registered with the Data Protection Commission, the state body that regulates how organisations handle personal data, and requires staff and officers to swear an oath of secrecy. Mr Koranteng said several layers of internal controls are in place to guard against fraud.
The union is also registering with the National Identification Authority (NIA) to make verifying members' identities easier.
Assets up 41 per cent
Figures in the union's 2025 annual report show total assets rose by 41.13 per cent, from GH\u00a244.86 million in 2024 to GH\u00a263.31 million in 2025. Membership grew by 26.54 per cent, from 5,120 to 6,479 over the same period.
Chairman Dr George Ameyaw said in the report that the rate cut was a direct response to members' calls for cheaper credit, and that the growth in assets and membership reflected the union's performance during the year.
For Ghanaians abroad who send money home or keep savings with co-operative unions, the shift towards USSD and identity verification through the NIA points to easier remote access to account information.
