I was very happy to read your
e-mail. I hope you
are enjoying a sound and perfect health as well as your
We have been looking forward
with much pleasure to
benefit enormously from your eminent lecture due to the fact I have
incessantly praised your incomparable talent.
My credit union is prospering
Progress has achieved both in crease of membership and working
capital. In other words, we are operating like a bank.
The strategy consisting of
getting members to
invest in the credit union has been successfully put into practice.
We are offering 11% on fixed deposits where as banking rates are
below 7 % As I have learned at the institute. We are practicing your
approach about Competitive Rate of Interest ( CRI ). The table below
gives a clear picture of our financial situation.
Shares Rs 14 million
Deposits and Savings Rs 4
Outstanding loan Rs 18 million
Total membership 811
No.of borrowers 752.
Our Headquarters is
situated vis-a-vis three
commercial banks. Consequently we are in competition. We are
improving our services gradually .We have also been able to eliminate
long waiting lists as far as loan is concerned.
Contrary to other credit
unions in Mauritius we
pay dividends in cash to our members every year. This year we are
paying 7% in terms of dividends and a bonus of 8%.
We have our own building. We
occupy the top floor
and renting the ground floor.
Convey our best regards to
your family and we
nurture the hope to see you in Rodrigues in a near future.