By: Adama Sanneh
The Foni Bintang Karanai Sports Committee is in an indeterminate state due to its inability to withdraw funds from the Foni Ding Ding Bantaba Credit Union account to commence the Mini Stadium Project.
According to the committee, this issue stems from the credit union’s generosity in issuing large loans to individuals who, in turn, have failed to repay them, affecting the institution’s cash flow. “Access to one’s account for withdrawals has become a nightmare,” stated Modou Jobarteh, a committee member, adding that many people have lost trust in saving money at the credit union.
In an effort to revive the stalled development of the Foni Bintang Karanai Mini Stadium, the fundraising committee visited the National Association of Co-operative Credit Unions of The Gambia (NACCUG) to address the missing funds saved at the Foni Ding Ding Bantaba Credit Union.
The delegation, comprising Ebrima Camara, Alhagie Camara, Salifu Joof, and Modou Jobarteh, sought clarity on the status of the funds and the mechanism for their recovery to kickstart the project.
During the meeting, Mr. Ebrima Camara, a member of the delegation, outlined the purpose of the visit, emphasizing the urgency of retrieving the funds.
Responding to the committee’s concerns, Mr. Patrick Mendy, Deputy CEO & Head of Finance at NACCUG, revealed that this was not the first inquiry into the Foni Ding Ding Bantaba Credit Union’s financial troubles. “We have received similar complaints before,” he stated, adding that NACCUG’s role is to support credit unions in policy coordination and development.
Mr. Mendy highlighted the root causes of the financial mismanagement, including excessive loans with poor repayment rates, over-withdrawals due to inadequate record-keeping, and disbursements made without proper documentation following the introduction of APS (Automated Payment System). “Foni Ding Ding Bantaba Credit Union was doing very well, but these problems emerged suddenly,” he remarked, expressing surprise at the abrupt downturn.
To address these issues, Mr. Mendy outlined a recovery plan, which includes forming a new board comprising key stakeholders such as the district chief, alkalo, police, and youth leaders, with technical support from NACCUG. “The new board will help in the recovery process,” he assured, adding that the first meeting is scheduled for Tuesday, March 11, 2025. He urged all stakeholders to support the recovery efforts when the time comes.
While the exact mechanism for recovering the Mini Stadium funds remains unclear, the committee remains hopeful. “With the establishment of the new board, the recovery of the loans can be coordinated effectively, benefiting all those whose money is pending,” the committee concluded.
The meeting marked a significant step forward in resolving the financial hurdles delaying the Foni Bintang Karanai Mini Stadium Project, bringing hope to the community eagerly awaiting its commencement.
