The Abia State Micro Finance Cooperative Union Limited (AMCUL) is seeking a partnership with the Abia State Government to monitor the activities of fraudsters who use micro-finance cooperative societies to defraud unsuspecting members of the public.
Addressing newsmen after the body’s Executive Committee meeting over the weekend, the State President, Comrade Ummunakwe Kenneth, said the measures by the State government would ensure total sanitization of the activities of all financial cooperative Societies and strengthen their movement in the state.
He noted that AMCUL which was registered in 2009 has the mission to be an apex regulator of cooperative societies in the state by ensuring that affiliated bodies apply professional financial conduct and standard in business and also to protect the Union’s affiliates and their member depositors by being their financial bridge “any time and any day”.
He explained that AMCUL’s vision as financial pressure group includes being a financial pressure group and an apex organization for the regulation of activities of affiliate members and the general public as all the strategies are for the benefit of the financial system of the state.
He commended the State Governor for his efforts towards infrastructural, economic and human development of the people and called on the State government to partner with the AMCUL in sanitising microfinance institutions which are daily opening up for business transactions with members of the public.
“I appeal to the State government to look into the issue of deductions made from members of Micro Finance Societies existing in various government ministries which are yet to be remitted to the concerned micro finance societies”, Comrade Ummunnakwe said, assuring that financial cooperative societies are a sure bet to the financial, economic and social wellbeing of their members.