North Tema Cooperative Credit Union records 20% loan delinquency rate

The North Tema Cooperative Credit Union Limited (NTCCU) has recorded a 20 per cent loan delinquency rate—well above the industry benchmark of three per cent—prompting management to introduce stricter loan recovery measures to protect members’ deposits.

Ms Mayne said the union was determined to reduce the delinquency rate to 10 per cent through enhanced credit assessment, closer loan monitoring, and stricter recovery measures.

She described the rising default rate as a major concern, saying it had reached 20 per cent and was making it increasingly difficult for the cooperative to recover loans advanced to members.