OUAGADOUGOU, The 35 credit unions of the Network of Caisses Populaires du Burkina (RCPB) held their general meetings from May 8 to June 6, 2024, to review the financial year 2023, with positive results reported across the board.

According to Burkina Information Agency, Gounghin, and Cissin, the meetings focused on examining and adopting the reports of the board of directors, the credit committee, the supervisory committee, the statutory auditor, and the financial statements as of December 31, 2023. These meetings also addressed the renewal of directors, allocation of 2023 results, and approval of the action plan and operating budget for the 2024 financial year.

For the Dapoya credit union, with 40,539 members, outstanding savings reached 12.7 billion CFA francs in 2023, up 2.97% from 2022. Its total outstanding credit was 8.7 billion CFA francs, an increase of 3.84%. Net income rose by 162.19% to 413 million CFA francs. Equity funds increased by 9.92% to 4.5 billion CFA francs.

The Gounghin credit union reported outstanding savings of over 12 billion CFA francs in 2023, a 1.09% increase from the previous year. Total outstanding credit stood at 6.8 billion CFA francs, up 2.72%. Net profit decreased by 1.51% to 312 million CFA francs. Equity increased by 7.66% to 4.2 billion CFA francs.

The Cissin credit union saw outstanding savings drop by 3% to 17.4 billion CFA francs, while total outstanding credit rose by 5% to 10.6 billion CFA francs. Net income fell by 23% to 527.3 million CFA francs. Equity increased by 8% to 7.2 billion CFA francs.

Despite the security crisis affecting credit recovery, the credit unions remained resilient. The amount of outstanding credits as of December 31, 2023, was over 863 million CFA francs for Cissin, 493 million CFA francs for Dapoya, and 230 million CFA francs for Gounghin.

The credit unions plan to continue modernizing services through further digitalization. “We have a surplus balance sheet with certified compliant accounts. I would like to congratulate the cooperators and workers for their contribution to the efficiency of the network,” said Denise Nebié, President of the Board of Directors of the Dapoya credit union.

Yamba Didier Djiguemdé, CEO of the Gounghin fund, expressed gratitude to members and workers for their commitment despite the challenging national context. Rémy Taita, PCA of the Cissin fund, urged cooperators to get more involved for a better future. Member Madeleine Yougbaré emphasized the importance of accountability and transparency in these general assemblies.