Restored Word Credit Union

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Effectively support and enhance our mission of spreading the gospel, fostering spiritual growth, and serving our community. 

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Introduction to RWCCU

The Restored Word Co-operative Credit Union (RWCCU) stands as a beacon of financial empowerment and community support, deeply rooted in the principles of mutual trust, collective resource management, and equitable profit sharing. Established by the Restored Gospel Believers Network, RWCCU is not merely a financial institution; it is a dedicated initiative designed to uplift the economic status of its members and extend its positive impact to the wider communities it serves.

In today’s economic landscape, finding a financial institution that genuinely prioritizes the well-being of its members can be challenging. RWCCU breaks this mold by fostering an environment where trust and mutual benefit are at the forefront. By pooling resources and managing them with professional acumen, RWCCU ensures that profits are shared fairly among its members, thereby reinforcing the communal ethos that lies at the heart of its mission.

RWCCU’s commitment extends beyond financial services to encompass a broader vision of economic and social well-being. This vision is actualized through a comprehensive range of savings, loan, and investment products tailored to meet the diverse needs of its members. From facilitating small-scale savings for individual members to offering substantial loans for business expansion, RWCCU is equipped to support its members at every stage of their financial journey.

By joining RWCCU, members become part of a dynamic and supportive community where their financial growth is nurtured, and their economic goals are within reach. The union’s activities are guided by a mission to provide contemporary financial solutions, foster economic growth, and deliver creative and sound advisory services. This mission is underpinned by a steadfast commitment to enhancing the value of its members and granting them a competitive advantage in their financial endeavors.

In essence, RWCCU is more than just a credit union; it is a movement towards economic resilience and community solidarity. It is an invitation to join a family that believes in the power of collective effort and the transformative potential of shared prosperity. Whether through saving for the future, investing in education, or securing the necessary funds to grow a business, RWCCU is dedicated to helping its members achieve their dreams and contribute to the economic vitality of their communities.

Mission and Vision

Vision Statement

Restored Word Co-operative Credit Union aims to become the leading cooperative union, dedicated to providing innovative financial products and services designed to empower individuals and meet both family and business needs. Our vision is to promote the economic well-being of our members, fostering a community of financial stability and growth.

Mission Statement

Restored Word Co-operative Credit Union is committed to:

  1. Delivering Professionalism and Innovation: We aim to provide a professional team to the industry, offering contemporary financial solutions and creative, sound technical and advisory services to our members. Our goal is to stay at the forefront of financial innovation, ensuring our members receive the best possible guidance and support.
  2. Promoting Economic and Social Well-Being: We strive to enhance the economic and social well-being of our members and the broader business community. Our focus is on ensuring growth and value enhancement, providing our members with a competitive advantage in their financial endeavors.
  3. Building a Strong Financial Institution: Our mission is to grow a formidable financial institution capable of meeting the increasing financing demands and investment opportunities within Ghana’s emerging and expanding economy. We are dedicated to supporting the financial needs of our members, contributing to their success and the overall economic development of the region.

Core Objectives

Restored Word Co-operative Credit Union is dedicated to fostering financial stability, growth, and mutual trust among its members. Our objectives are centered around improving the standard of living for our members through various strategic initiatives and services.

  1. Promote Vigorous Growth Among Members
    • Savings for a Better Standard of Living: Our primary objective is to encourage and facilitate savings among our members. By offering a secure and efficient means to save, we aim to empower members to achieve a higher standard of living. Regular savings lead to financial security, enabling members to plan for future needs and unexpected expenses.
    • Financial Literacy and Education: We will provide educational resources and training to help members understand the importance of saving and managing their finances effectively. This includes workshops, seminars, and personalized financial counseling.
  1. Provide Fast, Easy, and Quality Financial Services
    • Efficient Service Delivery: We are committed to offering fast and hassle-free financial services. Our goal is to ensure that members can access the funds they need quickly and without unnecessary delays, whether for personal needs, business ventures, or emergency situations.
    • Comprehensive Product Offerings: We will offer a range of financial products tailored to meet the diverse needs of our members. This includes loans, savings accounts, investment opportunities, and insurance services, all designed to enhance financial well-being.
    • Utilization of Technology: Embracing modern technology to streamline our services, we will provide online banking, mobile apps, and other digital tools to make financial management convenient and accessible.
  1. Build Mutual Trust and Efficiently Manage Mobilized Savings
    • Trust and Transparency: Building a foundation of mutual trust is crucial. We are committed to maintaining transparency in all our operations and communications. Members can trust that their savings are being managed with the utmost integrity and accountability.
    • Prudent Investment: Mobilized savings will be invested wisely to ensure safety and optimal returns. Our investment strategies will be designed to balance risk and reward, focusing on sustainable growth and profitability.
    • Equitable Profit Sharing: Profits generated from investments will be shared equitably among members. This ensures that all members benefit from the success of the cooperative, reinforcing the community spirit and cooperative principles that underpin our union.
    • Member Involvement: Encouraging active participation from members in decision-making processes. We believe that member involvement is key to ensuring that our services and strategies align with their needs and aspirations.

By focusing on these objectives, Restored Word Co-operative Credit Union aims to create a thriving community of financially empowered individuals, fostering economic growth and social well-being for all its members.

Membership of RWCCU

Membership in the Restored Word Co-operative Credit Union is a commitment to financial growth, community, and mutual support. We welcome individuals who are dedicated to improving their financial well-being and contributing to the cooperative spirit. Below are the detailed requirements and processes for becoming a member.

Membership Requirements and Process
  1. Application Process
    • Written Application: Prospective members must complete an application form prescribed by the credit union. This form ensures that all necessary information is collected to process the membership efficiently.
    • Passport Pictures: The application must be accompanied by two recent passport-sized photographs. These pictures are necessary for member identification and record-keeping purposes.
    • Next of Kin Declaration: Applicants must specify the name(s) of the individual(s) to whom their savings should be paid in the event of their death. This ensures that there is a clear and legally recognized next of kin, safeguarding the member’s savings.
  1. Approval and Activation
    • Committee Approval: Membership applications must be reviewed and approved by the committee of management. This step ensures that all applications meet the credit union’s standards and criteria for membership.
    • Minimum Share Requirement: To activate membership, the applicant must pay a minimum share amount as determined by the credit union. This financial commitment demonstrates the applicant’s investment in the cooperative and ensures that they have a stake in its success.

Membership Benefits and Responsibilities

  1. Access to Financial Services
    • Savings and Loans: Members have access to a variety of savings accounts and loan products designed to meet personal and business needs. The credit union aims to offer competitive interest rates and favorable terms.
    • Investment Opportunities: Members can take advantage of investment opportunities provided by the credit union, aimed at growing their wealth and securing their financial future.
    • Insurance and Advisory Services: Members benefit from insurance products and professional advisory services, ensuring comprehensive financial planning and security.
  1. Participation in Governance
    • Voting Rights: As a cooperative, each member has a say in the governance of the credit union. Members can vote on important issues, including the election of the committee of management.
    • Annual General Meetings: Members are encouraged to attend annual general meetings, where they can voice their opinions, propose initiatives, and stay informed about the credit union’s performance and future plans.
  1. Community and Support
    • Mutual Support and Growth: Members benefit from the collective strength of the cooperative. By pooling resources, members can achieve financial goals that might be unattainable individually.
    • Educational Resources: The credit union offers financial literacy programs and resources to help members make informed financial decisions and improve their financial management skills.

Key Responsibilities of Members

  1. Regular Savings
    • Members are encouraged to save regularly, contributing to their own financial stability and the overall strength of the credit union.
  1. Active Participation
    • Members are expected to actively participate in the credit union’s activities, including attending meetings, voting on key issues, and engaging in community initiatives.
  1. Adherence to Policies
    • Members must adhere to the credit union’s policies and guidelines, ensuring that their actions align with the cooperative’s principles and values.

By meeting these requirements and actively participating, members of the Restored Word Co-operative Credit Union can enjoy a range of benefits designed to improve their financial well-being while contributing to the growth and success of the cooperative.

Shareholding Requirements and Policies

The Restored Word Co-operative Credit Union operates on the principles of mutual ownership and shared financial responsibility. Shareholdings are a fundamental aspect of membership, ensuring that members have a vested interest in the cooperative’s success and sustainability. Below are the comprehensive details regarding shareholdings within the credit union.

  1. Minimum Share Capital

    • Initial Subscription: Each individual member is required to subscribe to a minimum share capital of GHC 300. This amount is a mandatory investment that signifies the member’s commitment and ownership in the credit union.
    • Periodic Review: The minimum share capital requirement is subject to review and adjustment based on prevailing economic conditions in the country. This ensures that the capital requirement remains relevant and fair, reflecting the economic realities faced by members.

  2. Withdrawal of Shares

    • Account Closure: Members are allowed to withdraw their share capital only upon the closure of their account. This policy is designed to maintain the stability and liquidity of the credit union by ensuring that share capital remains invested for the duration of membership.
    • Notice Period: A 90-day notice period is required for the withdrawal of shares. This notice period provides the credit union with sufficient time to manage its financial resources and maintain operational stability.

  3. Withdrawal of Excess Shares

    • Excess Share Withdrawal: Members who hold more than the minimum required shares are permitted to withdraw the excess amount. Similar to the general withdrawal policy, a 90-day notice period must be given to process these withdrawals.
    • Stipulations for Withdrawal: Excess share withdrawals are allowed as long as the member maintains the minimum required share capital in their account. This ensures that all members continue to have a fundamental stake in the credit union.

  4. Conditions for Share Withdrawal

    • Non-Partial Withdrawal: Shares cannot be partially withdrawn during active membership. The only exception is for excess shares as outlined above. Complete or partial withdrawal of shares is restricted to maintain the cooperative’s financial health and operational efficiency.
    • Membership Withdrawal: In the event that a member decides to withdraw their membership from the credit union, the total share capital can be withdrawn. This policy ensures that members can reclaim their investment if they choose to leave the cooperative, following the 90-day notice period.

Benefits of Shareholdings

  • Ownership and Voting Rights

    • Democratic Participation: Each shareholding member has voting rights in the credit union’s governance. This democratic structure empowers members to have a direct influence on decisions, policies, and the election of management committees.
    • Equal Opportunity: Regardless of the number of shares owned, each member typically has one vote, ensuring equality and fairness in the decision-making process.

  • Financial Returns

    • Dividends: Members may receive dividends based on the credit union’s profitability and the number of shares held. This provides a financial return on their investment and incentivizes continued membership and participation.
    • Interest on Savings: In addition to dividends, members can earn interest on their savings and investments within the credit union, enhancing their overall financial returns.

  • Financial Stability and Growth

    • Capital Base: Shareholdings contribute to the credit union’s capital base, enabling it to offer more services, better interest rates, and enhanced financial products to its members.
    • Collective Strength: The pooled resources from shareholdings allow the credit union to invest in community development projects, provide loans, and support members’ financial needs more effectively.

Responsibilities of Shareholders

  1. Timely Share Subscription

    • Members are responsible for meeting the initial and any subsequent minimum share capital requirements as determined by the credit union.

  2. Adherence to Policies

    • Shareholders must adhere to the withdrawal policies and provide the necessary notice periods as stipulated by the credit union. This ensures orderly and predictable financial management.

  3. Active Participation

    • Members should actively participate in the governance of the credit union by attending meetings, voting, and contributing to discussions and decisions that impact the cooperative’s future.

By maintaining these shareholding principles and policies, the Restored Word Co-operative Credit Union aims to foster a strong, stable, and mutually beneficial financial community. Members are encouraged to take full advantage of their shareholding rights and responsibilities to enhance their financial well-being and support the cooperative’s growth and success.

Purpose of Shares

Shares in the Restored Word Co-operative Credit Union serve multiple crucial functions, essential for both the members and the institution. Below are the primary purposes of shares:

  1. Membership and Ownership
    • Becoming a Member: Subscribing to shares is the gateway to becoming a member of the credit union. Membership signifies more than just a financial commitment; it represents an alignment with the values and mission of the cooperative.
    • Part Ownership: By holding shares, members become part owners of the credit union. This ownership provides a sense of responsibility and pride, as each member contributes to the success and sustainability of the cooperative.
    • Participation in Decision-Making: Membership through shareholding grants the right to participate in the decision-making processes of the union. Members can vote on key issues, elect the committee of management, and influence the strategic direction of the credit union. This democratic process ensures that all members have a voice and can contribute to the cooperative’s governance.
  2. Building a Sound Capital Base
    • Financial Stability: Shares contribute to building a robust capital base for the credit union. This capital base is crucial for the financial stability and growth of the institution, enabling it to provide reliable services and support to its members.
    • Investment and Growth: A strong capital base allows the credit union to invest in opportunities that promote growth and development. This includes expanding the range of financial products and services offered, improving technological infrastructure, and enhancing member benefits.
    • Risk Management: Adequate capital reserves are essential for managing risks and ensuring the credit union can withstand financial challenges. This sound financial foundation helps protect members’ investments and supports the long-term viability of the cooperative.

Dividend & Accounting Period

  1. Dividend Distribution
    • End-of-Year Dividends: Members may receive dividends on their shares at the end of the financial year, in accordance with the society’s bye-laws. These dividends are a share of the profits generated by the credit union, rewarding members for their investment and participation.
    • Credit to Share Accounts: As a measure to grow the shares of members, the dividend paid is credited to the share account of the members. This reinvestment strategy not only increases the individual member’s shareholding but also strengthens the overall capital base of the credit union.

Accounting Period

  1. Financial Year
    • Start and End Dates: The financial year of the Restored Word Co-operative Credit Union begins on the 1st of July and ends on the 30th of June. This accounting period provides a structured timeline for financial planning, reporting, and assessment.
    • Annual Review: The end of the financial year is a critical time for reviewing the credit union’s financial performance, distributing dividends, and planning for the upcoming year. This period also includes the preparation of financial statements and reports, ensuring transparency and accountability to members.

Voting Right

  1. Equal Voting Rights
    • Democratic Principle: All shareholding members have equal voting rights, regardless of the number of shares they hold. This principle ensures fairness and equality within the cooperative, allowing each member to have an equal say in important decisions.
    • Influence on Governance: Equal voting rights empower members to influence the governance and strategic direction of the credit union. By participating in elections and votes on key issues, members help shape the policies and future of the cooperative.
    • Community Engagement: This democratic approach fosters a sense of community and collective responsibility among members. Active participation in the voting process enhances member engagement and strengthens the cooperative’s commitment to serving its members’ interests.

By understanding and embracing these aspects of shareholding, members of the Restored Word Co-operative Credit Union can fully appreciate their role in the cooperative’s success. Shares are not just a financial investment but a symbol of membership, ownership, and participation in a community-driven financial institution

Who is a Good Member?

Being a good member of the Restored Word Co-operative Credit Union (RWCCU) involves active engagement, financial responsibility, and a commitment to the cooperative’s principles and goals. Below are the key attributes and responsibilities of a good member:

Attributes of a Good Member
  1. Regular Savings
    • Consistent Contributions: A good member consistently saves money within the credit union. Regular savings not only enhance personal financial stability but also contribute to the collective financial strength of the cooperative.
    • Financial Discipline: Regular savings reflect financial discipline and a commitment to long-term financial goals. This habit ensures that members have funds available for future needs and emergencies.
  1. Timely Loan Repayment
    • Adherence to Schedule: A good member repays all loans with interest according to the scheduled dates. Timely loan repayment is crucial for maintaining the credit union’s financial health and ensuring the availability of funds for other members.
    • Financial Responsibility: By honoring their loan commitments, members demonstrate financial responsibility and integrity. This behavior builds trust and reliability within the cooperative community.
  1. Regular Meeting Attendance
    • Active Participation: Attending meetings regularly is a sign of an engaged and committed member. Regular attendance ensures that members stay informed about the credit union’s activities, policies, and financial status.
    • Contribution to Discussions: Meetings provide a platform for members to contribute to discussions, share ideas, and voice concerns. Active participation in meetings fosters a collaborative and transparent environment.
  1. Attendance at Annual General Meetings (AGMs)
    • Involvement in Governance: AGMs are essential for reviewing the credit union’s annual performance, electing committee members, and making key decisions. A good member attends AGMs to exercise their voting rights and influence the governance of the credit union.
    • Staying Informed: AGMs offer comprehensive insights into the credit union’s financial health, strategic plans, and future initiatives. Attendance ensures that members are well-informed and can make educated decisions.
  1. Constructive Criticism
    • Positive Feedback: A good member provides constructive criticism to help improve the credit union. Constructive feedback focuses on identifying issues and suggesting practical solutions, contributing to the continuous improvement of RWCCU.
    • Supportive Engagement: Criticism should be aimed at fostering growth and development. By offering constructive feedback, members help the credit union evolve and better serve its members.

Membership Goals

Participation in Committees and Boards
  • By-Laws Guidance: Members are encouraged to refer to RWCCU by-laws for detailed information on joining various committees and boards. The by-laws provide guidelines on the roles, responsibilities, and eligibility criteria for these positions.
  • Active Involvement: Active participation in committees and boards is a key responsibility of members. Serving in these roles allows members to directly contribute to the strategic direction and operational success of the credit union.
  • Leadership and Service: Members who join committees and boards take on leadership roles that require dedication, expertise, and a commitment to the cooperative’s mission and values. These roles provide opportunities for personal growth and leadership development.
Responsibilities of a Good Member
  1. Financial Contributions
    • Ensure regular savings and timely loan repayments to support the financial ecosystem of the credit union.
  1. Active Engagement
    • Attend meetings, AGMs, and participate in discussions to stay informed and influence decisions.
    • Offer constructive feedback to help the credit union improve and address any issues.
  1. Governance Participation
    • Engage with the governance process by understanding and adhering to the by-laws.
    • Consider serving on committees and boards to take an active role in shaping the future of RWCCU.

By embodying these attributes and responsibilities, a good member significantly contributes to the success and sustainability of the Restored Word Co-operative Credit Union. Active and engaged members help create a thriving cooperative that effectively meets the financial needs of its community.

Introduction to Savings Products

The Restored Word Co-operative Credit Union (RWCCU) is dedicated to providing its members with a range of savings products tailored to meet their diverse financial needs and goals. Our savings products are designed to offer security, flexibility, and attractive returns, ensuring that members can build their financial future with confidence and ease. Below is an introduction to the various savings products available at RWCCU.

Purpose and Benefits of Savings Products
  1. Financial Security
    • Safe and Secure Savings: Our savings products provide a secure place for members to deposit their money, protected by the cooperative’s robust financial management practices and governance.
    • Emergency Fund: Having accessible savings ensures that members are prepared for unexpected expenses and emergencies, providing peace of mind.
  1. Financial Growth
    • Interest Earnings: Members can earn competitive interest rates on their savings, helping their money grow over time. This financial growth supports long-term goals such as education, home ownership, and retirement.
    • Compounding Benefits: Savings accounts that offer compounded interest enable members to maximize their earnings, as interest is calculated on both the initial deposit and accumulated interest.
  1. Goal-Oriented Savings
    • Targeted Savings Plans: RWCCU offers specialized savings products designed to help members save for specific goals, such as education, vacations, weddings, and major purchases. These targeted plans provide structure and motivation for disciplined saving.

Overview of Savings Products

1. Susu Save Account

Is the traditional account of every member and is through this account that members can qualify for their first loan.

Features:

  • Initial account opening balance of GHS 50 required
b. Abiliy to access loan facilities
c. Quarterly Interest on the account
d. Maintain minimum account balance of Gh500 at all times
  • A minimum share capital of GHC300 required at all times
  1. Flexi Save

Excellent product for individual and corporate with regular withdrawals needs on their account and require prompt access to their money.

Feature:

  • GHS 500 minimum balance required at all times
b. No monthly charges
c. No withdrawal charges
d. Ideal for salary workers and business people who do regular withdrawals
e. It qualifies for a quick overdraft facility
  • Initial account opening balance of GHS 100 required
  • A minimum share capital of GHC300 required at all times
  1. Kiddy Save

This is an interest bearing account which seeks to help parents build a future for their children and also cultivate a saving culture at an early stage.

Feature:

  • Zero opening balance
b. Regular monthly deposit
c. Quarterly competitive interest on the account
d. Qualifies for educational loan and scholarship packages
  • A minimum share capital of GHC300 required at all times
  1. Guaranteed Savings

This is a high yielding investment account for persons who do not contribute to SSNIT and those who want to contribute towards specific future projects.

Feature:

  • Initial account opening balance of GHS 100 required
b. Regular monthly deposit
  • Quarterly competitive interest on the account
  • Ensure regular monthly deposit
  • A minimum share capital of GHC300 required at all times
  1. Smart Save

Design for customers who per the kind of work they do can make daily savings but cannot meet the minimum requirement of the Credit Union and again cannot walk in to the credit union to make deposits.

Features:

  • Initial account opening balance of GHS 50 required
b. Abiliy to access loan facilities
c. Quarterly Interest on the account
d. Maintain minimum account balance of Gh500 at all times
  • A minimum share capital of GHC300 required at all times

Other Saving products that support the same features include; Group Save, Medaakye Account, Adepa Business Account

  1. Fixed Deposit
    • Higher Interest Rates: Members can lock in their savings for a specified period to earn higher interest rates compared to regular savings accounts.
    • Term Options: Various term lengths are available to suit different financial goals and timelines, ranging from a few months to several years.

How to Open a Savings Account

  1. Eligibility
    • Membership Requirement: To open any savings account, individuals must first become members of RWCCU. This involves subscribing to the minimum share capital and completing the membership application process.
  1. Application Process
    • Documentation: Members need to provide necessary identification documents and complete the account opening forms.
    • Initial Deposit: An initial deposit may be required to activate the account, depending on the type of savings product chosen.
  1. Account Management
    • Online and In-Person Services: Members can manage their accounts through RWCCU’s online banking platform or by visiting any of our branches. This includes making deposits, withdrawals, and checking account balances.
Conclusion

The savings products offered by the Restored Word Co-operative Credit Union are designed to meet the varied financial needs of our members. Whether saving for immediate needs, future education, retirement, or specific life events, RWCCU provides secure, flexible, and growth-oriented savings solutions. Our commitment is to help members achieve their financial goals and build a stable financial future through disciplined saving and prudent financial management.

Become a Beneficiary Today

Empowering Believers’ For Kingdom Advancement

The Restored Word Co-operative Credit Union (RWCCU) stands as a beacon of financial empowerment and community support, deeply rooted in the principles of mutual trust, collective resource management, and equitable profit sharing. Established by the Restored Gospel Believers Network, RWCCU is not merely a financial institution; it is a dedicated initiative designed to uplift the economic status of its members and extend its positive impact to the wider communities it serves.

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