Economic Community of West African States (ECOWAS) Staff Mutual Credit Union Records Strong Growth, Declares Increased Dividends at Annual General Meeting

The ECOWAS Staff Mutual Credit Union (ESMCU) has announced significant financial growth and introduced new welfare–driven initiatives during its Annual General Meeting (AGM), reaffirming its commitment to enhancing the financial wellbeing of staff across ECOWAS institutions.

The meeting brought together the President of the Union, Mr. Jimmy Ife-Ilori, representatives from key ECOWAS institutions including the Commission and Parliament, as well as participants joining both physically and virtually. In his opening remarks, Mr. Ife-Ilori welcomed attendees and highlighted the Union’s strong financial performance over the past year.

He reported a 13% increase in wealth creation compared to the previous year and announced an 11% rise in dividends, describing these achievements as “significant milestones and a clear indication of the soundness of our financial management.”

Representing the President of the ECOWAS Commission, H.E. Dr. Alieu Omar Touray, the Acting Secretary-General, Mr. Muazu Umar, conveyed the Commission’s goodwill and reflected on the evolving regional context. He noted that ECOWAS is currently navigating complex geopolitical challenges, including the withdrawal of Mali, Burkina Faso, and Niger and the emergence of the Alliance of Sahel States, developments that continue to shape the Community’s institutional and operational landscape.

Emphasizing staff welfare, Mr. Umar underscored the need for innovative approaches beyond traditional frameworks. He commended the Credit Union’s role in providing a financial safety net through its savings and loan schemes, while encouraging more ambitious solutions to support staff in a changing environment. He also highlighted the opportunities presented by the new ECOWAS headquarters—“the Eye of West Africa”—to foster a more supportive and inclusive workplace.

Goodwill messages from representatives of various ECOWAS institutions further reinforced the importance of the Credit Union’s initiatives in improving staff welfare and financial stability.

During the AGM, members approved the Union’s annual reports and financial statements and formally declared dividends for the year. The Union also unveiled a new digital platform, marking a major step toward financial inclusivity. The platform introduces multi-currency functionality, enabling members earning in U.S. dollars to save and receive dividends in dollars addressing previous limitations tied to the exclusive use of the CFA franc.

In addition, the Union launched ECOMART, an innovative service designed to enhance convenience for members. The platform allows staff to purchase goods in bulk through a “buy now, pay later” model, with payments deducted from salaries over time. Products ordered through ECOMART are delivered within three to five days, further supporting ease of access and affordability.

The AGM concluded with a renewed commitment from the ECOWAS Staff Mutual Credit Union to strengthen financial empowerment, expand member-focused services, and contribute meaningfully to staff welfare across ECOWAS institutions.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).