Capacity building program for more efficient savings and credit co-operative business

Untitled-1Octobr 23-25, Thimphu: As part of the Memorandum of Understanding between the Association of Asian Confederation of Credit Union (ACCU), Thailand and the Department of Agricultural Marketing and Co-operatives (DAMC), a three-days training was organised for the representatives of the six Savings and Credit Co-operatives in Bhutan, based in Mongar, Zhemgang, Samtse, Wangdue, Punakha and Thimphu.

The training was provided by Dr. Ranjith Hettiarachchi, who is an expert in Cooperative Economics and Microfinance. He has more than 30 years’ experience in credit union development in different capacity such as volunteer trainer, General Manager of Federation of Thrift and Credit Cooperatives (SANASA) in Sri Lanka and the Chief Executive Officer of ACCU.

The hands-on training covered several important topics such as salient features including important by-laws of a good savings and credit co-ops, book keeping techniques including maintenance of cashbook and stock register, basic accounting and calculation of amortisation of EMI, important pre-credit and post-sanction protocols, risks and risk mitigation of savings and credit business and finally how to market the co-operative products and services to non-members in the future.

Opening the training, the Director General of the DAMC shared that “in remote places, where formal banking services are non-existent, small savings and credit co-operatives can fill this gap to provide financial service to the community”. He also mentioned that “as the rural population and the rural economy grows, the demand for credit will only continue to increase; and small savings and credit co-operatives are uniquely placed to take advantage of this demand”.

Along with the co-operative members, staffs of the Co-operative Development Division and the two Regional Agricultural Marketing & Co-operative Office (RAMCO) also participated. The participants were awarded training certificates upon completion of the training.

Reported by Co-operative Development Division, DAMC

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